The 1st Half YearBusiness Results
Briefing(Fiscal Year Ending March 31, 2020)

April 1, 2019-September 30, 2019

Mandom Corporation(Securities Code: 4917)

Contents

1. Consolidated Business Results
2. Progress of MP-12
3. Forecast of Consolidated BusinessResults for FY2020/3

Summary of 1st Half Year of FYE 2020・Consolidated Net Sales were below the target significantly
affected by unseasonable weather during summer in Japanand a reactionary fall of purchases made by inboundtravelers.
・Incomes declined more than the initial forecast becauseof expenses paid as planned, though sales were below
the target.
・Full-year forecast will remain unchanged.

11. Consolidated Business Results21. Consolidated Business Results
1)

Consolidated Net Sales slightly increased; income at each level declined.

・Consolidated Net Sales for 2Q posted a year-over-year increase,but failed to attain the target.
（Mln Yen）

Some items that had been processed as
expenses have been deducted from net
sales at overseas consolidated subsidiaries
included in financial statements prepared inaccordance with IFRS.

60,00044,43940,00042,97643,882

Target ratio

97.5％

20,00033,97033,851

2012/3

2013/337,04338,452

2014/3

2015/3

41,94142,32544,247

2016/32017/3

2018/30

Consolidated net sales(new standard)

2019/32020/3

Consolidated net sales(former standard)31. Consolidated Business Results
1)

Consolidated Net Sales slightly increased; income at each level declined.

・Income at each level declined more than initially projected.
（Mln Yen）

8,000

6,000

5,107

4,000

4,628
FYE 2016/3

3,276

Extraordinary
gain resulting
from the sale ofthe Indonesiansubsidiary’s plant

2,000

0
2012/3

2013/3Operating Income

2014/3

2015/3

Ordinary Income

2016/32017/3

2018/3

2019/32020/3Net Income Attributable to Owners of Parent

41. Consolidated Business Results ＜Net Sales by Region＞
2) Sales increased steadily in Indonesia and also grew in otheroverseas countries; however, sales in Japan declined.
・Overseas Sales accounted for 40.0% of Consolidated Net Sales（Mln Yen）

50,0006,636

YoY change︓＋35.5％

8,555

YoY change︓＋2.8％

25,000

8,995
8,795

YoY change︓▲7.1％

28,69026,648

2019/32020/30

JapanIndonesia

Others5

1. Consolidated Business Results ＜Net Sales by Strategic Business Unit＞
3) Womenʼs business grew steadily, while menʼs businessposted a decline.
・Gatsby struggled in Japan and Indonesia.
（Mln Yen）

50,000YoY change︓+24.7％

4,455

3,572
YoY change︓＋8.6％

12,48525,00013,559YoY change︓▲5.0％

27,823

26,424

2019/32020/30

Men's Business

Women's Business

Others6

1. Consolidated Business Results ＜Operating Income by Region＞
4）Operating Income in “Others” grew;
overall, incomes declined sharply.
・Incomes fell because of a fall in revenues in Japan and an increasein SG&A expenses in Indonesia.
（Mln Yen）

8,000
YoY change︓＋8.9％
6,000

1,194
YoY change
︓▲51.1％

601
4,000

2,000

1,300
YoY change︓▲37.3％

4,836

294

3,034

0
2019/3Japan

2020/3

Indonesia

Others7

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

Business results by brand

Net Sales by Business・Gatsbyʼs results declined due to unseasonable
weather; Sales of womenʼs business also shrankbecause of a reactionary fall of purchases made by
inbound travelers.

Japan・Business of Lucido and Lucido-L is growing well.
Status of our major brands
Menʼs Business

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

Menʼs

Net Sales by BusinessBusinessJapan・Sales of seasonal summer items, mainly body papers,
were sluggish due to unseasonal weather in summer.
・The Inside Lock series featuring a new styling technology will be launchedthis autumn to revitalize the hair styling market.
■Tokyo/Weekly average of daily maximum temperature※Created by Mandom based on Meteorological observation Data
(Japan Meteorological Agency)■INSIDE LOCK series※2019 autumn/winter New Items

9

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

MenʼsBusiness

Net Sales by BusinessJapan・Lucido business continued to grow steadily, mainly odor
care and skin care items.
・Body cream will be added to the skin care series, which is enjoying
strong sales, to expand the offerings for the winter, when demand
for skin care items reaches a peak.
■AGEING CARE BODY CREAM※2019 autumn/winter New Items■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 s

Japan・Eye make-up remover temporarily suffered sluggish sales
due to a reactionary fall of purchases made by inboundtravelers, but still maintains a high market share close to 50%.
・Cleansing Sheet sales were favorable.
In this growing market, our Cleansing Sheet items continued
to grow at a rate greater than that of the market.
■Eye Makeup Remover■Cleansing Sheet※※2019 autumn/winter New Items

11

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

Wo m e n ʼs B u s i n e s s

Net Sales by BusinessJapan・Hair oil market has been recording more than a two-digit
growth. It surpassed hair spray and has now become the largest
market in scale in the women's Hair Care and Hair Make category.
・We will add three new items to the lineup this autumn
to cater to various hair types, aiming to increase our market share.
■Hair Treatment Oil series

※

※

※
※

※2019 autumn/winter New Items

12

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

Miscellaneous Topics【Inbound sales】

Japan

・Total sum of the purchases by inbound foreign tourists andthose considered to be for the purpose of cross-border EC
is approximately 200 million yen per month on average.
・Lucido-L HairTreatment Oil and Gatsby Facewash are enjoying
strong sales both in Japan and abroad.
Their sales to inbound foreign tourists are growing.
・We aim to increase sales through cross-border EC (B to C),
focusing on sales promotion at our flagship store on Tmall Global.
■Barrier Repair
Facial Mask

■LUCIDO-L
Hair Treatment Oil■GATSBY
Facial wash series

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

Miscellaneous Topics【Impact of Consumption Tax Hike】

Japan

・Growth rate of Womenʼs Cosmetics and Lucido, which areassumed to be purchased mainly by women for their family,
was higher than that in the previous month. However, it is notprojected to have a positive impact on the business performancein the second half of this fiscal year.
■Bifesta■LUCIDO14

1. Consolidated Business Results ＜Summary of Our Strategic Business (INDONESIA)＞Net Sales by BusinessBusiness results by brand・Gatsby struggled in the Hair Styling Category.
・Pixy is performing well thanks to the rebranding
effect.

Indonesia

Status of our major brands （Consolidated basis）
Menʼs Business

Womenʼs Business15

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

Menʼs

Net Sales by BusinessBusinessIndonesia
・Overall sales of hair styling items are in a slump.
・For Styling Pomade, we added new items and updated the existing items.
■STYLYNG POMADEMATTE MOULDER■REGROOM POMADE

16

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
・There are hit items in “MAKE IT GROW” and“4 Beautify Benefits” lines added at the time of rebranding.
・We will continue aggressive investments in marketing
to expand the PIXY business.
■MAKE IT GLOWDEWY CUSHION■MAKE IT GLOWBEAUTY SKIN PRIMER■UV WHITENING
CONCEALING BASE

■A store display
in a Modern Trade17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
・Rebranding started in 2019 to meet the changes intrends and the wants of target consumers.
・We target higher age groups to meet the wants of consumers
who want fragrances of higher quality.
■EU DE LUX COLOGNE■EU DE LUX BODY SPRAY

18

1. Consolidated Business Results ＜Summary of Our Strategic Business (INDONESIA)＞Net Sales by BusinessS u p p l e m e n t【Latest Earnings】

Indonesia

PT Mandom Indonesia Tbk 1Q+2Q+3Q Results(Local currency basis)（Unit︓Mln Rp.）
FY2020/3

FY2019/3

Yr/Yr

2,166,886

2,048,794

105.8%

Operating Income

164,455

173,629

94.7%

Net Income

134,339

150,326

89.4%

Net Sales

・Y/Y increase of revenues was lower than projected at 5.8% because
Trade Business performed very well last year. However, the figures arealmost as projected as we expect the launch of new Pixy items in 4Q.

19

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

General Status of Business Results
・Overall business is performing well.
・Six countries including China and Thailand
are recording two-digit growth on a local currency basis.

Net Sales by Business

Others20

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

Wo m e n ʼs B u s i n e s s

Net Sales by Business

Others・In many countries, sales of cleansing sheets recorded remarkableincreases, leading the overall business results.
・Sheet type items have little competitors and are enjoying
first-mover advantages.
■A store display in Taiwan

21

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

Wo m e n ʼs B u s i n e s s

Net Sales by Business

Others・Launched in mainland China in September.
・It is being introduced to major retailers.
Sales are expected to increase.

■Facial Mask Smooth■ Facial Mask Moist

22

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

23

2. Progress of MP-12
VISION 2027

24

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
25

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 unit26

2. Progress of MP-12■Key action measures implemented in linewith basic management policies[1] Promotion of the global marketing system[2] Building a business foundation to become a truly
global company[3] Construction of a new building at Fukusaki
Factory[4] Achievements of fundamental research technologies[5] Actions taken to increase EC sales[6] Challenges to build a new sales channel
27

2. Progress of MP-12 ＜ Promotion of the global marketing system ＞(1) Promotion of the global marketing system
・International Marketing Conference of Gatsby (IMCG) was held to sharesuccess cases, stimulate creativity, imagination and willingness totake on challenges, and enhance teamwork spirit.
・We created and shared brand values to become a strong global brand.
■Participant of IMCG

■In discussion28

2. Progress of MP-12 ＜ Promotion of the global marketing system ＞(1) Promotion of the global marketing system
・Gatsbyʼs new creatives were highly evaluated outside the company.

■Won awards in three categories of
ADFEST 2019
（Press release dated April 22, 2019)■Won awards of Spikes Asia 2019and 2019 Clio Awards（Press release dated October 9, 2019)29

2. Progress of MP-12 ＜ Promotion of the global marketing system ＞(1) Promotion of the global marketing system
・We set August 29 as the “Bifesta Day” and organized events for“Happy Bifesta Day.”・We invited Bifesta users from each country and held a fan meeting.
■Japan■Thailand■Malaysia30

2. Progress of MP-12 ＜ Building a business foundation＞(2) Building a business foundation to becomea truly global company （Development of Talents）
1) The survey to check the implementation levelof the Corporate Philosophy
・As in the previous year, we conducted an employee survey.
Going forward, each division manager and employee will recognize
the issues of their own division and take countermeasures autonomously.
■Employee engagement■Environment to make use of the capacityof employees

31

2. Progress of MP-12 ＜ Building a business foundation＞(2) Building a business foundation to becomea truly global company （Development of Talents）
2)Global leader training
・We conducted training for future leaders both in Japan and abroadto achieve VISION 2027.
■Training scene32

2. Progress of MP-12 ＜ Building a business foundation＞(2) Building a business foundation to becomea truly global company （Development of Talents）
3)Securing and developing global talent・Executive candidates in Indonesia received training for a limited termin Japan.
■Training scene33

2. Progress of MP-12 ＜ Building a business foundation＞(2) Building a business foundation to becomea truly global company （Information Infrastructure）
1)Introducing a common accounting system
・Currently in operation in Japan, Thailand, and Indonesia
・We are creating a plan and a policy to introduce it to other countries
planning to introduce the system.

2)Introducing a common groupware
・To strengthen information infrastructure, we will unify and utilize
information and make information ubiquitous.
・The groupware was introduced to Japan in April.
It will be introduced to other countries by the end of this term.

34

2. Progress of MP-12 ＜ New building at Fukusaki Factory＞(3) Construction of a new building at Fukusaki Factory
・Construction work is in progress as planned.
It is scheduled to start operations in the beginning of 2021.

■Construction is underway35

2. Progress of MP-12 ＜ Fundamental research technologies＞(4) Achievements of fundamental research technologies
・Our research on the skin and sweat glands was given awards bymultiple institutions.
Field of skin research■Won Hiroshi and Aya Irisawa Memorial
Award for Excellent Papers in the Journal of
Physiological Sciences at the 96th Annual
Meeting of the Physiological Society of Japan（Press release dated April 1, 2019）■Won Best Presentation of IPCE award
at the 3rd IPCE Conference（Press release dated August 6, 2019）

Field ofsweat glands■Won the Academic Prize at
Cosmetic Victories 2019
（Press release dated June 18, 2019）36

2. Progress of MP-12 ＜ Actions taken to increase EC sales ＞(5) Actions taken to increase EC sales
・Our flagship store opened on Tmall Global made a good start.
・A large-scale promotion is planned on the Singleʼs Day in China.

37

2. Progress of MP-12 ＜ Challenges to build a new sales channel＞(6) Challenges to build a new sales channel
・”HIBInoBI” online shop was launched on July 30, 2019, for modern
women who want to stay beautiful while living busy lives.
・ 「∴M4」 science skin care series focusing on the skinʼs sensation sensor
was launched on the online shop in September.

■Online Shop 「HIBInoBI」■Science skin care series 「∴M4」38

3. Forecast of Consolidated BusinessResults for FY2020/3

39

3. Forecast of Consolidated Business Results for FY2020/3
1) Forecast of full-year consolidated business results for
FY2020/3 will remain unchanged.

（Unit:Mln Yen）
1Q+2Q
Result

FY2019/3

3Q+4Q
Yr/Yr

Outlook * FY2019/3

AnnualYr/Yr

Outlook

FY2019/3

Yr/Yr

Net Sales

44,43943,882101.3%

40,56035,115115.5%

85,00078,997107.6%

Operating Income

4,628

6,632

69.8%

3,231

503

642.3%

7,860

7,135

110.2%

Ordinary Income

5,107

7,165

71.3%

3,582

996

359.6%

8,690

8,161

106.5%Net Income

3,276

4,845

67.6%

2,343

241

968.9%

5,620

5,087

110.5%* FY2020/3Outlook ー (1Q+2Q)Result 2020/3

40

3. Forecast of Consolidated Business Results for FY2020/3
1)

Forecast of full-year consolidated business results for
FY2020/3 will remain unchanged.
・Sluggish performance in Japan will be offset by strong sales outside Japan.
【Prerequisites of the plan】■売上⾼■Net Sales+） ・Addition of new products and sales promotion measures in andoutside Japan・Expansion of offerings in the Bifesta cleansing category for
women and the face wash category in other overseas countries.

±） ・Market trend of new productsー） ・Extended political instability outside Japan■Operating Income■営業利益ー） ・A rise in cost rate due to differences in product mix between
Japan and abroad
・A rise in cost rate due to differences in sales by region in Indonesia

41◆ Appendix

42

(Appendix) Consolidated Business Results(Unit:Mln Yen)
1Q+2Q
FY2020/3

FY2019/3

Balance

Yr/Yr

Yr/Yr※

Achiev.

44,43943,882557

101.3%

102.4%

97.5%

Operating Income

4,628

6,632

▲ 2,003

69.8%

－

91.3%

Ordinary Income

5,107

7,165

▲ 2,057

71.3%

－

92.2%

Net Income Attributable to
Owners of Parent

3,276

4,845

▲ 1,568

67.6%

－

88.8%

¥71.05¥103.62

Net Sales

EPS※ Comparison with FY 2019/3 rate after adjustment.

43

(Appendix) Consolidated Net Sales
2-1. Net Sales by Region(Unit:Mln Yen)
1Q+2Q
FY2020/3

FY2019/3

Balance

44,43943,882557

101.3%

26,64828,690▲ 2,04292.9%

Indonesia

8,795

8,555

240

102.8%

Others

8,995

6,636

2,359

135.5%Net SalesJapan

2-2. Net Sales by Region Analysis(Year-on-Year)(Unit:Mln Yen)

Consolidated

557

2-3. Net Sales by Region Ratio (Year-on-Year)
ASIA
34.6％

ASIA
40.0％

15.1%
Japan

20.2%

▲2,042
19.5%

Indonesia

Others

Yr/Yr

240
2,359

19.8%

65.4%

FY2019/3
Japan

60.0%

FY2020/3
Indonesia

Others44

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

(Unit:Mln Yen)
1Q+2Q

FY2020/3
Net Sales
Men's Business
GatsbyWomen's Business
Other Business

FY2019/3

Balance

Yr/Yr

44,43943,882557

101.3%

26,424

27,823▲ 1,399

95.0%

21,42822,848▲ 1,420

93.8%

13,55912,485

1,073

108.6%

4,455

3,572

882

124.7%※breakdown :Womenʼs Cosmetics 8,948 Mln Yen（Yr/Yr 111.0%）/Women's Cosmetry 4,611 Mln Yen（Yr/Yr 104.3%）

Menʼs Business
FY2020/3
Results

Total

GatsbyGrowthRate

26,424

21,428Lucido

Japan

Asia

(Unit:Mln Yen)

Womenʼs Business
FY2020/3
Results

FY2020/3
Results

Growth
Rate

-5.0％

Total

-6.2％

Bifesta

Lucido-L

PixyPucelle13,559Growth
Rate

+8.6%

Japan

Asia

45

(Appendix) Consolidated Income
3-1. Operating Income by Region(Unit:Mln Yen)
1Q+2Q

FY2020/3
Result

FY2019/3

per Sales

Resultper Sales

Balance

Yr/YrOperating Income

4,628

10.4%

6,632

15.1%

▲ 2,003

69.8%

Japan

3,034

11.4%

4,836

16.9%

▲ 1,802

62.7%

294

3.3%

601

7.0%

▲ 307

48.9%

1,300

14.5%

1,194

18.0%

106

108.9%

Indonesia
Others3-2. Operating Income by Region Analysis

3-3. Operating Income by Region Ratio(Year-on-Year)(Year-on-Year)(Unit:Mln Yen)

Consolidated▲2,003

Japan▲1,802

ASIA
27.1％

ASIA
34.5％

18.0%

28.1%

9.1%
Indonesia

Others

▲307

72.9%
106

6.4%

FY2019/3

65.5%

FY2020/3
Japan

Indonesia

Others46

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

Consolidated

Cost of Goods

Japan

Selling Expenses

Indonesia

Admin. Cost

Others(Unit: Mln Yen)

2,252
2,560
1,369
548

914

▲ 240

Cost of Goods
Operating Income

Selling Expenses

150
200

▲ 681

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

Japan

46.0% 47.5%

39.7% 40.1%

17.9% 19.0%

1,051

594

226

699

183
171
240

Indonesia

65.4% 66.2%
20.2% 22.7%

21.0% 23.1%

23.3%

15.1% 10.4%

16.9% 11.4%

FY2019/3 FY2020/3

FY2019/3 FY2020/3

25.8%

Admin. Cost

Others

48.6% 51.1%

19.0% 16.1%
9.2% 10.8%
18.4% 19.6%
7.0%

3.3%

FY2019/3 FY2020/3

14.4% 18.4%
18.0% 14.5%
FY2019/3 FY2020/3

47

(Appendix) Consolidated Incomes
3-6. Ordinary Income and Net Income Attributable to Owners of Parent(Unit:Mln Yen)

1Q+2Q
FY2020/3
Result

FY2019/3

per Sales

Resultper Sales

Balance

Yr/Yr

478

1.1%

532

1.2%

▲ 54

89.8%

5,107

11.5%

7,165

16.3%

▲ 2,057

71.3%

91

0.2%

▲ 16

▲0.0%

5,198

11.7%

7,148

16.3%

▲ 1,950

72.7%

Income Taxes and Minority Interests

1,751

3.9%

2,004

4.6%

▲ 253

87.4%

Net Income

3,446

7.8%

5,143

11.7%

▲ 1,697

67.0%

170

0.4%

298

0.7%

▲ 128

57.1%

3,276

7.4%

4,845

11.0%

▲ 1,568

67.6%

Non-operating Income/Expenses
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

107 ▲544.2%

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

Interest income

Non-Operating
Income52

91
Gain on sales of non-current assets

Others530
Others

Non-Operating
Expenses

Extraordinary
Income/Loss

478

Dividend income
Share of profit of entities
accounted for using equity method

Interest expenses
sales discounts
Foreign exchange losses
Commission for purchase of treasury shares(Unit:Mln Yen)

Extraordinary
Income95
Gain on sales of investment securities

Extraordinary
Loss

4

Loss on retirement of non-current assets

48

(Appendix) P/L of Mandom Corporation, PT Mandom Indonesia Tbk
Interim Results of FY 2020/3 (P/L of Mandom Corporation, PT Mandom Indonesia Tbk)

Mandom Corporation(Unit : Mln Yen)FY2020/3
1Q+2Q

FY2019/3
1Q+2Q

balance

Yr/Yr■Consolidated: Depreciation,Capital Investment

InitialOutlook(Unit : Mln Yen)FY2020/3 FY2019/3

balance

Net sales

28,76930,771▲ 2,001

93.5%

53,300Depreciation

2,118

1,651

467

Cost of Goods

12,926

13,481

▲ 554

95.9%

－

Capital investment

4,976

1,765

3,211

Cost Ratio

44.9%

43.8%

+1.1P

12,696

12,247

3,147

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

Ordinary Income
Extraordinary Profit/loss

Net Income

－

－

448

103.7%－

5,042▲ 1,895

62.4%

5,320

520

518

1

100.3%

－

3,667

5,561

▲ 1,893

65.9%

6,100

80

▲ 15

96

-531.1%

2,736

3,992

▲ 1,256

68.5%■Mandom Corp.Only: Depreciation,Capital Investment(Unit : Mln Yen)FY2020/3 FY2019/3

balance－

Depreciation

1,204

1,017

187

4,390

Capital investment

4,104

1,060

3,044

※Capital investment includes intangible assets

PT Mandom Indonesia Tbk
Local Currency

Net sales
Cost of Goods(Unit : Mln Rp.)

Yen Equivalent(Unit : Mln Yen)FY2020/3
1Q+2Q

FY2019/3
1Q+2Q

1,411,193

1,299,310

111,883108.6%Net sales

10,866

10,264601

105.9%

930,610828,316

102,294112.3%

Cost of Goods

7,165

6,543

622

109.5%

balance

FY2020/3 FY2019/3
1Q+2Q
1Q+2Q

Yr/Yr

balance

Yr/YrCost Ratio

65.9%

63.8%

+2.2P

－

Cost Ratio

65.9%

63.8%

+2.2P

Operating Income

113,510

107,2316,278

105.9%

Operating Income

874

847

26

－
103.2%Net Income

94,714

93,6731,041

101.1%Net Income

729

740

▲ 10

98.6%

Rp.1=￥0.0077 Rp.1=￥0.0079※Assumption rate FY 2020/3
Rp.1=￥0.0077

49

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.

50