The 1st Half YearBusiness Results
Briefing(Fiscal Year Ending March 31, 2023)

April 1,2022-September 30,2022

Mandom Corporation（Securities Code: 4917）
mandom corp. All rights reserved. CONFIDENTIAL

Contents

1. Consolidated Business Results
2. Topics of the 2nd Quarter Business3. Forecast of Consolidated Businessfor FYE 2023/MAR◆ Appendix

mandom corp. All rights reserved. CONFIDENTIAL

1

Summary of 1st Half Year of FYE 2023/MAR
・Net Sales

Consolidated Net Sales increased 11.4%
Japan Net Sales increased 6.0%

Both domestic and overseas socio-economic activities are on a recovery
trend, with double-digit sales growth overseas. In Japan, summer
season products contributed to the year-on-year increase, However,it did not reach the level of FY 2021/3.

・ProfitOperating profit
and ordinary profit returned positive

Gross profit increased significantly due to the effect of increased revenues.
Decrease in selling expenses also contributed to operating profit of
1 billion yen exceeded the 1st half plan.
mandom corp. All rights reserved. CONFIDENTIAL

2

1. Consolidated Business Resultsmandom corp. All rights reserved. CONFIDENTIAL

31. Consolidated Business Results
1) Consolidated net sales increased 11.4% due to sales growthin each region. Operating profit also returned positive.
Some items that had been processed as
expenses have been deducted from net sales atoverseas consolidated subsidiaries included infinancial statements prepared in accordancewith IFRS（millions of yen）
50,00043,882

42,97644,439processed as expenses have been
deducted from net sales in financial
statements prepared in accordancewith ASBJ Statement No. 29
Accounting Standard for Revenue
Recognition.

10,000+11.4%

40,0008,000
33,54831,51930,00020,00032,652
29,311

6,000

44,247

4,000

1,038
1,362

10,0000974
2018/3

2019/3

Consolidated Net Sales（former standard）
Operating Profit
mandom corp. All rights reserved. CONFIDENTIAL

2020/32021/3

Consolidated Net Sales（new standard）
Ordinary Profit

2022/32023/32,000

0-2,000△2,000Consolidated Net Sales（JP standard）

Net Income Attributable to Owners of the Parent

41. Consolidated Business Results <Net Sales>1)Net Sales increased in all regions and recovery trend in overseas
・In Japan, sales of summer season products expanded, but the speed ofrecovery was generally slow.
（millions of yen）
50,00029,311
25,000

6,403
5,186

0

32,652+17.4％

7,773

+6.0％

6,089

17,722

18,7902022/32023/3Japan

mandom corp. All rights reserved. CONFIDENTIAL+21.4％

Indonesia

Others5

1. Consolidated Business Results <Net Sales>
1) All regions are on a recovery trend from the previous year, buthave yet to reach the pre-COVID-19 levels.
・Others increased by more than 1.3 billion yen from the previous year due
to strong sales in Southeast Asian countries.
（millions of yen）

24,808*19,662 *17,722

18,7908,795

2020/32Q

2021/期
2Q

2022/3
2Q

Japan

2023/32Q

2020/3
2Q

5,975

5,186 6,089

2021/32Q

2022/3
2Q

Indonesia

2023/3
2Q

8,995

2020/3
2Q

5,881

6,403

2021/32Q

2022/3
2Q

Others

7,773

2023/32Q＊2020/3 and 2021/3 figures for Japan segment are converted to"Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29)
mandom corp. All rights reserved. CONFIDENTIAL

6

1. Consolidated Business Results <Net Sales>
1)Although sales increased in each region, the positive impact of
exchange rates on consolidated sales was significant.
（millions of yen）

32,652+11.0%
+6.0%

+3.6%
+186

29,311+1,379+707+1,0682022/32Q

2023/3
2Q＊Indonesia and Others are converted from the previous year's rate.
mandom corp. All rights reserved. CONFIDENTIAL

77

1. Consolidated Business Results <Net Sales>
1)Increased sales of summer season products in Japan and recovery
from COVID-19 disaster both in Japan and overseas
・In Japan, sales of styling products and cleansing products increased in addition tosummer season products (face and body care).
In Overseas, sales of styling products and makeup increased.
（millions of yen）
50,000+16.3％
25,000

3,311
8,609

+9.3％

3,853
9,411

+11.5％
0

17,39019,3882022/32023/3

Men's Businessmandom corp. All rights reserved. CONFIDENTIAL

Women's Business

Others8

1. Consolidated Business Results <Operating Profit>
2) Japan returned positive due to increased revenues
Overseas profit increased significantly
・Indonesia also recovered 200 million yen due to increased sales, but only
suffered an operating loss of 370 million yen.
（millions of yen）
3,000

2,000

+480.7％1,000

0-1,000△1,000

681

125
△178
△593

△370

2022/32023/3Japan
mandom corp. All rights reserved. CONFIDENTIAL

728

Indonesia

Others9

1. Consolidated Business Results <PL summary>3) Gross profit increased by 1.7 billion yen due to the increase insales, which also absorbed the sharp rise in raw material prices
・A&P expenses decreased by more than 300 million yen,and operating profit was above the plan by 1 billion yen.
Gross Profit

Expense＆Profit/Loss
2,660

Cost of sales

29,312
16,889Net Sales

1,529

32,653

18,51912,422

14,134

5,406
623
2,851

2022/3-647

2023/32022/3mandom corp. All rights reserved. CONFIDENTIAL

2023/32022/3

2,330
1,684

5,641
663
2,777
1,039
2023/3

Other general and administrative expenses

Personnel expenses

Research and development expenses

Other general and administrative expenses

Operating profit

Gross profit101. Consolidated Business Results <Business Promotion>

Business results by Brand

Net Sales by Business・Gatsby’s summer season products increased due to the hot weather
in late June. Sales of hair styling products also grew.

Japan

・LUCIDO-L increased sales as new products were introduced in stores.

Status of our major brands
Men’s Businessmandom corp. All rights reserved. CONFIDENTIAL

Women’s Business111. Consolidated Business Results <Business Promotion>
Men’sBusiness

Net Sales by BusinessJapan

Men’s Face and Body wipes products
・Market trend

Both face and body wipes sales
increased from the previous year.

・Our Response Measures-Extreme heat in late June. Temperatures in
Julyand August are similar to normal-Increased opportunities to go out

Retail Sales Price - Shift to flexible pricing strategy
In-store promotion - Increase the number of promotion

Facial wipes - Market share declined slightly, below the market growth rate
Body wipes - Market share unchanged, above the market growthmandom corp. All rights reserved. CONFIDENTIAL

121. Consolidated Business Results <Business Promotion>
Wo m e n ’s B u s i n e s s

Net Sales by BusinessJapan

Hair-Treatment category
・Market trend
Hair oil market continues to grow at +16.6% YOY・Sales situation of our products
Sales of existing products declined due tothe impact of new products entering the market
・Our Response Measures
Launched new hair care“Acid-heat treatment series" in August.
Retailers highly evaluated and introduced
more than planned.
mandom corp. All rights reserved. CONFIDENTIAL■LCL
Acid-heat treatment series

131. Consolidated Business Results <Business Promotion>

Business results by Brand

Net Sales by Business

・GATSBY saw a recovery in sales of its styling products.
・PIXY also saw results increase due to the recovery ofhuman flow and the launch of new products.

Indonesia

Status of our major brands (consolidated)
Men’s businessmandom corp. All rights reserved. CONFIDENTIAL

Women’s Business14

1. Consolidated Business Results <Business Promotion>
Net Sales by BusinessIndonesia

・We have been actively promoting our flagshipproduct, "PIXY Perfect Fit TWO WAY CAKE”
which was completely renewed for the first timein 10 years.
■PIXY Perfect Fit TWO WAY CAKE

・Launched new products from the high-priced"MAKE IT GLOW" line.

■PIXY MAKE IT GLOW
mandom corp. All rights reserved. CONFIDENTIAL

15

1. Consolidated Business Results <Business Promotion>
Aggressive launching of new productsin the second half of the year

Net Sales by BusinessIndonesia

・From "GATSBY" for men and "LOVILLEA" for women,
we propose a fragrance in a glass container,
which is popular among Indonesian consumers.

■GATSBY eau de BLUE

mandom corp. All rights reserved. CONFIDENTIAL■LOVILLEA eau de parfum16

1. Consolidated Business Results <Business Promotion>

Quarterly Performance Trend by Area

Net Sales by Business・Southeast Asia

Others100.0%
Singapore

50.0%

Malaysia
Philippines

0.0%

Thailand
ACGI-50.0%

2022/3 3Q

2022/3 4Q

2023/3 1Q

2023/3 2Q

・East Asia
50.0%
TaiwanHong Kong

0.0%

Korea
-50.0%

China
2022/3 3Q

mandom corp. All rights reserved. CONFIDENTIAL

2022/3 4Q

2023/3 1Q

2023/3 2Q

171. Consolidated Business Results <Business Promotion>
Wo m e n ’s B u s i n e s s

Net Sales by Business

Others・Sales recovered sharply with the convergence of COVID-19
・Eye makeup promotions when wearing masks and enhanced
digital measures were successful.

mandom corp. All rights reserved. CONFIDENTIAL

18

2. Efforts of the 2nd Quarter Businessof FYE 2023/ MAR

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19

2. Efforts of the 2nd Quarter Business
1. Strengthening the Young Men's Skin Care category
・“Conditioning ALL IN ONE series" is renewed and launched.
Aggressive promotion, including new TVCM.
・Two new products have been added to the “DEEP MEDI Series"
containing “CICA" to strengthen the lineup.

■GATSBY ALL IN ONE Series
mandom corp. All rights reserved. CONFIDENTIAL■ GATSBY DEEP MEDI Series20

2. Efforts of the 2nd Quarter Business
2. Revitalizing the men's cosmetics market
with gatsby THE DESIGNER
・The brand has won several cosmetic awards, including Best Cosmetics.
・The brand became the No. 1 selling (on a volume basis)
men's cosmetic events at major
department store.
The event received a lot of media coverage,
and interest in men's makeup grew.

・From October, we started to expand our businesson major E-commerce sites.
We began to roll out the product graduallyin our overseas group companies.
In October, we launched a new product,"HAIR BALM".

mandom corp. All rights reserved. CONFIDENTIAL■gatsby THE DESIGNER HAIR BALM

21

2. Efforts of the 2nd Quarter Business3. In Korea and China,
launched unique makeup products
・In Korea, We launched " GATSBY Makeup Series“through our E-commerce sites..

■GATSBY MAKE UP Series

mandom corp. All rights reserved. CONFIDENTIAL

22

2. Efforts of the 2nd Quarter Business3. In Korea and China,
launched unique makeup products
・In China, We launched "ANIMAGUS," a cosmetic series
for cosplayers through E-commerce, which is increasing in
conjunction with the expansion of the
ACG (Anime, Comic, and Game) market, through E-commerce.

■Cosmetics for cosplayers 「ANIMAGUS」
mandom corp. All rights reserved. CONFIDENTIAL

23

2. Efforts of the 2nd Quarter Business
4. GATSBY's Efforts to Gain Fan Base in Malaysia
・Collaborated with a popular Malaysian apparel brand for promotion.
・Sponsorship of e-sports competitions in Malaysia to enhancebrand image and awareness.

■Collaboration withpopular apparel brands
mandom corp. All rights reserved. CONFIDENTIAL■Sponsorship of e-sports
competitions24

3. Forecast of FYE 2023/ MAR

mandom corp. All rights reserved. CONFIDENTIAL

25

3. Forecast of FYE 2023/ MAR
Forecast of FYE 2023/ MAR(Millions of yen)
1Q+2Q
ResultInitial Plan

3Q+4Q
deviation

OutlookPrevious period

AnnualBalance

Yr/YrOutlook

Balance

32,65232,000652

32,34728,0504,296

115.3%

65,000113.3%

Operating Income

1,038

800

238

▲38

▲1,662

1,623

ー

1,000

ー

Ordinary Income

1,362

1,000

362

▲12

▲1,497

1,485

ー

1,350

ー

974

680

294

▲224

▲948

724

ー

750

ー

Net Sales

Net Income Attributable to
Owners of Parent

mandom corp. All rights reserved. CONFIDENTIAL

26

3. Forecast of FYE 2023/ MAR
Forecast of FYE 2023/ MAR
・ In Japan and overseas, socio-economic activity is on a recovery
trend from the COVID-19 impact.
・In Japan, the speed of demand recovery is slow, partly
due to warnings about rise in prices.
・In China, recovery by the end of the year is uncertain.
【 Net sales 】+） ・In Japan and overseas, aggressive new product launches+） ・In Japan, expanded the face care category by strengthening
the GATSBY and LUCIDO skincare products.
+） ・ In Southeast Asia, sales expansion of GATSBY and PIXYー） ・Recovery of socio-economic Activity from China’s COVID-19
Impact is uncertain+） ・Increase in yen equivalent of consolidated net sales due toforeign exchange (yen depreciation) effects
mandom corp. All rights reserved. CONFIDENTIAL

27

3. Forecast of FYE 2023/ MAR
Forecast of FYE 2023/ MAR【Operating profit】+）

・Effect of increased revenue due to higher net
sales in Japan and overseasー）・Higher raw material prices than expected at the
beginning of the period in Japan and overseas,+）

・Increase in yen equivalent of consolidated operating profit
due to foreign exchange (yen depreciation) effects【Risk】
・Sluggish demand for cosmetics and daily necessities due to the risingcost of living in Japan・Raw material prices and transportation costs will rise more than
expected in Japan and overseas,mandom corp. All rights reserved. CONFIDENTIAL

28

◆Appendix

mandom corp. All rights reserved. CONFIDENTIAL

29

Contents

1. Consolidated Business Results
2. Consolidated Net Sales
3. Consolidated Income◆ Appendix

mandom corp. All rights reserved. CONFIDENTIAL

30

1. Consolidated Business Results(Millions of yen)
1Q+2Q
FYE2022/MAR

Net Sales

FYE2023/MAR

Balance

Yr/Yr

Yr/Yr*

29,311

32,652

3,341

111.4%

106.7%

Operating Income

-646

1,038

1,685

－

－

Ordinary Income

-358

1,362

1,721

－

－

Net Income Attributable to
Owners of Parent

326

974

647

298.1%－※ Comparison with FYE 2023/MAR rate after adjustment.

EPS

mandom corp. All rights reserved. CONFIDENTIAL¥7.28¥21.6631

2. Consolidated Net Sales
2-1. Net Sales by Region(Millions of yen)
1Q+2Q
FYE2022/MAR

Net Sales

FYE2023/MAR

Balance

Yr/Yr

29,311

32,652

3,341

111.4%

Japan

17,722

18,790

1,068

106.0%

Indonesia

5,186

6,089

903

117.4%

Others

6,403

7,773

1,369

121.4%

2-2. Net Sales by Region Analysis(Year-on-Year)(Millions of yen)

Indonesia
OthersAsia 39.5%

Asia 42.5%

21.8%

23.9%

3,341

ConsolidatedJapan

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

1,068
903
1,369

17.7%

60.5%

FYE 2022/MAR 2Q
Japan

mandom corp. All rights reserved. CONFIDENTIAL

18.6%

57.5%

FYE 2023/MAR 2Q
Indonesia

Others32

2. Consolidated Net Sales
2-4. Net Sales by Strategic Business Unit

(Millions of yen)
1Q+2Q

FYE2022/MAR

Net Sales

Balance

FYE2023/MAR

Yr/Yr

29,311

32,652

3,341

111.4%

Men's Business

17,39019,3881,997

111.5%GATSBY

13,411

15,274

1,862

113.9%

Women's Business

8,609

9,411

802

109.3%

Other Business

3,311

3,853

541

116.3%※breakdown :Women’s Cosmetics 5,516 Millions of yen (Yr/Yr 124.1%) / Women's Cosmetry 3,894 Millions of yen (Yr/Yr 93.4%)

Men’s Business

Total

GATSBY

Women’s Business

FYE 2023/MAR
2Q Results

GrowthRate

19,388+11.5%

Total+13.9%

Bifesta

Lucido-L

PIXY

Pucelle15,274

LucidoJapan
mandom corp. All rights reserved. CONFIDENTIAL

Asia

FYE 2023/ MAR
2Q Results

9,411

GrowthRate(Millions of yen)

FYE 2023/MAR Growth
2Q Results
Rate

+9.3%

Japan

Asia

33

2. Consolidated Net Sales
2-5. Year-on-Year Comparison by Region and BusinessJapan

Indonesia

Others

+6.0%+17.4%+21.4%+9.5%+19.7%-4.9%+21.6%
Total* Breakdown
Women’s Cosmetics +3.5%
Women's Cosmetary -8.7%* Others +8.2%

mandom corp. All rights reserved. CONFIDENTIAL+13.4%

Men's Business+24.0%
Women's Business* Breakdown
Women’s Cosmetics +49.5%
Women’s Cosmetary -14.9%* Others +1.5%* Breakdown
Women’s Cosmetics +23.4%
Women’s Cosmetary +26.9%* Others +33.8%

34

3. Consolidated Income
3-1. Operating Income by Region(Millions of yen)
1Q+2Q

FYE2022/MAR
ResultFYE2023/MAR

per Sales

Resultper Sales

Balance

Yr/YrOperating Income

-646

▲2.2%

1,038

3.2%

1,685

－

Japan

-178

▲1.0%

681

3.6%

860

－

Indonesia-593▲11.4%

-370

▲6.1%

222

－

Others

125

2.0%

728

9.4%

603

580.7%

3-2. Operating Income/Loss
by Region Analysis (Year-on-Year)3-3. Operating Income/Loss by Region Ratio(Year-on-Year)(Millions of yen)

Consolidated

Japan

1,685
860

N/A
※Indonesia Operating Loss

Indonesia

222

Others603

mandom corp. All rights reserved. CONFIDENTIAL

35

3. Consolidated Income
3-4. Operating Cost Analysis (Year-on-Year)
2Q
Operating Cost Total

2Q
Cost of Goods

1,629

▲ 174

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

Japan

50.8%

56.7%

14.3%

12.3%

16.0%

13.9%

30.3%

27.8%

34.2%

31.8%

3.2%

-1.0%

3.6%

mandom corp. All rights reserved. CONFIDENTIAL(Millions of yen)

2Q
Admin. Cost

FYE 2023/MAR
2Q

3.5%
25.7%
-11.4%FYE 2022/MAR
2Q

200

139
146
▲ 85

Cost of Goods

Admin. Cost

Selling Expenses

OP Income/LossIndonesia

82.2%

FYE 2022/MAR
2Q

52
8
▲ 235

50.7%

57.6%

FYE 2023/MAR
2Q

Others2Q
Selling Expenses

528

208

FYE 2022/MAR
2Q

Japan

525

680

-2.2%

Indonesia

575

766
1,655

Consolidated

78.6%

3.1%
24.3%
-6.1%
FYE 2023/MAR
2Q

Others

56.6%

54.0%

18.2%

15.7%

23.3%
2.0%
FYE 2022/MAR
2Q

21.0%
9.4%
FYE 2023/MAR
2Q

36

3. Consolidated Income
3-6. Analysis of Change in Consolidated Operating Income(Millions of yen)▲646
FYE 2022/MAR Gross margin
2Q
Operating income

mandom corp. All rights reserved. CONFIDENTIAL

Cost of goods

A&P
expenses

Personnel
expenses

Depreciation

OthersFYE 2023/MAR
2Q
Operating income373. Consolidated Income
3-7. Ordinary Income and Net Income Attributable to Owners of Parent(Millions of yen)

1Q+2Q
FYE2022/MAR
ResultFYE2023/MAR

per Sales

ResultBalanceper Sales

Yr/Yr

287

1.0%

323

1.0%

35

-358

▲1.2%

1,362

4.2%

1,721

ー

905

3.1%

-37

▲0.1%

▲ 942

ー

546

1.9%

1,324

4.1%

778

242.6%

Income Taxes and Minority Interests

316

1.1%

372

1.1%

55

117.6%Net Income

229

0.8%

952

2.9%

722

414.5%Net Income Attributable to Non-controlling interests

-97

▲0.3%

-21

▲0.1%

75

ー

326

1.1%

974

3.0%

647

298.1%

Non-operating Income/Expenses
Ordinary Income
Extraordinary Profit/Loss
Income before Income Taxes and Minority Interests

Net Income Attributable to Owners of Parent

3-8. Non-Operating Income/Expenses & Extraordinary Profit/Loss
Dividends income

Non-Operating
Income/Expenses

Non-Operating
IncomeNon-Operating
Expenses

Share of profit of entities
accounted for using equity
method323

414

Foreign exchange gains

otherInterest income

-91

other

mandom corp. All rights reserved. CONFIDENTIAL

Interest expense
Commitment Fee
Foreign exchange losses

Extraordinary
Profit/Loss

112.3%(Millions of yen)

-37
Gain on sale ofinvestment securities

Extraordinary
ProfitExtraordinary -65
Loss

28

Gain on sale ofnon-current assets

Loss on retirement of noncurrent assets assets
Business structure
improvement expenses

38◆ Appendix
Interim Results of FYE 2023/MAR (P/L of Mandom Corporation, PT Mandom Indonesia Tbk)
Mandom Corporation

Depreciation,Capital Investment

FYE2022/MAR

FYE2023/MAR

Net sales

19,54821,008

Cost of Goods

10,965

Cost Ratio

56.1%

Selling, general andadministrative expenses(Millions of yen)balance

FYE2023/
MAR(Millions of yen)
FYE 2023/MAR
Outlook

Plan

1,459

107.5%

39,000Depreciation

2,642

2,466

▲ 176

5,142

11,569604

105.5%－

Capital investment

1,251

770

▲ 480

2,838

55.1%

-1.0P

－

－

8,701

8,395

▲ 305

96.5%

－

－

－
－

Operating Income

-117

1,043

1,160

1,383

193

▲ 1,190

14.0%

Ordinary Income

1,266

1,236

▲ 29

97.7%

904

-37

▲ 941

－

1,818

861

▲ 956

47.4%

Net Income

FYE2022/
MAR

Yr/Yr

Non-operating Income/Loss

Extraordinary Profit/loss■Consolidated■Mandom Corp.Only

FYE2022/
MAR

870
－

balance(Unit : Mln Yen)FYE2023/balanceMAR

Depreciation

1,761

1,609

▲ 151

Capital investment

1,046

297

▲ 748

※Capital investment includes intangible assets

650

PT Mandom Indonesia Tbk(Millions of Rp.)

Local Currency
FYE2022/MAR

FYE2023/MAR

Net sales

849,991

925,41675,424108.9%

Cost of Goods

705,906

742,462

36,555105.2%

Cost Ratio

83.0%

80.2%

-2.8P

－

Operating Income-61,694-11,741

49,953－Net Income-40,302-6,41233,889－balanceYen Equivalent(Millions of yen)
FYE2022/MAR

FYE2023/MAR

Net sales

6,374

7,866

1,491

123.4%

Cost of Goods

5,294

6,310

1,016

119.2%

Cost Ratio

83.0%

80.2%

-2.8P

－

Operating Income

-462

-99

362

－

Net Income

-302

-54

247

－

Yr/Yr

balance

Rp.1=￥0.0075 Rp.1=￥0.0085※Assumption rate FYE 2023/MAR
Rp.1=￥0.0083
mandom corp. All rights reserved. CONFIDENTIAL

Yr/Yr

39

Regarding Forward-Looking Statements

This document contains forward-looking statements concerning Mandom’s current plans,
strategies, beliefs and performance. These forward-looking statements include statements
other than those based on historical fact and represent the assumptions and beliefs ofmanagement based on information currently available. Mandom therefore wishes tocaution readers that actual results may differ materially from expectations, and thatforward-looking statements are subject to a number of foreseen and unforeseen risks anduncertainties. All amounts have been rounded to the nearest whole unit.

mandom corp. All rights reserved. CONFIDENTIAL

40

mandom corp. All rights reserved. CONFIDENTIAL