Business Results
Briefing(Fiscal Year Ending March 31, 2020)

April 1, 2019-March 31, 2020

Mandom Corporation(Securities Code: 4917)

Contents
1. Consolidated Business Results
FYE 2020/March
2. Review of 12 th Middle-range
management plan (MP-12）
3. Postpone of MP-13 andManagement Policy of this term
4. FYE 2021/March Forecast

1Important Topics
・Our action against the Novel Coronavirus
・About 1 year postponement of start of MP-13

2

・Our action
against the Novel Coronavirus

3Our action against the Novel Coronavirus
・Set up the Novel Coronavirus Response
Headquarters.
▼Our policy・Work from home as a rule (excluding the factory and logistics)※Attendance rate Tokyo Office 10% or less, Osaka Office 20％. (As of end of April）
・Prohibiting domestic/overseas business trips.
・Prohibiting holding/participating in events and seminars (excluding online events).
・Distributing masks and hand sanitizer alcohol to all employees.

4Our action against the Novel Coronavirus▼Social Activities【Japan】
Production of sterilized paper started, lunch on early June
(April 30 press released).
【Indonesia】
Production of Hand Sanitizer started for domestic market.
■Sterilized paper (only for Japan)■Hand Sanitizer (only for Indonesia)

5・One year postpone of MP-13

6What lead to one year postpone of
middle-range management plan MP-13• Prolonged impact of the global spread of the novel coronavirus.
• Consumer mindset and market mindset from which it isextremely difficult to expect the results from investment in new
implement measures.
• Concerns of causing detachment between the initial plan andactual status, and high management risks in association withstarting the MP-13 from this fiscal year where the businessenvironment is unpredictable.

71. Consolidated Business Results
FYE 2020/March

81. Consolidated Business Results

Summary of FYE 2020/March･Revenue

Sales recovered in Indonesia; however, due tosluggish sales of summer products and inbound sales,
Japan sales decrease.

･Operation Profit

Profits declined as a result ofproactive infrastructure development towards
achievement of VISION 2027.

91. Consolidated Business Results

1) Consolidated Net Sales increased slightly. Starting with
Consolidated Operating Income, each incomes decrease.
・Consolidated Net Sales reached record highs for 10 consecutive years.
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.

（Mln Yen）
100,000

78,99780,00081,77478,86560,00040,00059,80160,427

68,21570,92575,07877,351

81,38620,0000*Consolidated net sales(new standard)

Consolidated net sales(former standard)

*

*

10

1. Consolidated Business Results
1) Consolidated Net Sales increased slightly. Starting with
Consolidated Operating Income, each incomes declined.
・Consolidated Operating Income and all other incomes at each level declined.
（Mln Yen）
10,000

6,706

8,000

6,000

5,970

4,000

FYE 2016/MAR
Extraordinary
gain resulting
from the sale ofthe Indonesiansubsidiary’s plant

2,000

4,445

0

Operating Income

Ordinary Income

Net Income Attributable to Owners of Parent

11

1. Consolidated Business Results
1) Consolidated Net Sales increased slightly. Starting with
Consolidated Operating Income, each incomes decrease.
・Consolidated Operating Income and all other incomes at each level declined.
（Mln Yen）

12

1. Consolidated Business Results ＜Sales by Region＞
2)Overseas grew significantly, but Japan struggled.
・Overseas Sales accounted for 43.5% of Consolidated Net Sales(FYE 2019/March 38.7%).
（Mln Yen）

YoY change：

90,000＋31.8％

13,51060,000YoY change：+ 4.4％

17,04417,806

17,791
YoY change：▲ 4.7％

30,00048,442

46,175FYE 2019/MAR

FYE 2020/MAR
Japan

Indonesia

Others13

1. Consolidated Business Results ＜Net Sales by Strategic Business Unit＞
3) Women’s Business increased, Men’s Business declined.
・Bifesta and Lucido-L performed well. GATSBY sales decreased both in JPN
and overseas.
（Mln Yen）
90,000YoY change：＋20.4％

8,411

6,983

YoY change：
60,00022,433＋15.8％

25,974

YoY change：▲ 4.4％

30,000049,58047,388FYE 2019/MAR

FYE 2020/MAR

Men's Business

Women's Business

Others14

1. Consolidated Business Results ＜Operating Income by Region＞4)Consolidated Operating income fell sharply by 16.3%.
・Revenue and profit fell in Japan, also profit dropped in Indonesia.
（Mln Yen）
9,000

YoY change：＋ 4.8％

6,000

2,205

YoY change：▲ 5.4％

2,310

YoY change：

645

681

3,000

▲29.0％

4,248

3,014

FYE 2019/MAR

FYE 2020/MAR
Japan

Indonesia

Others15

1. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞
Sales by BusinessBusiness results by Brand･Although GATSBY has stagnated, sales of LUCIDO
grew steadily.
･Barrier Repair continues to stagnate,
Bifesta increased sluggishly.
･Lucido-L continues to perform well.

Japan

Status of our major brands
Men’s Business

Women’s Business16

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

Men’sBusiness

Sales by BusinessJapan・Sales of deodorant series is sluggish due to unseasonal
weather in summer.
･while competition for paper products becomes severe,
facial papers and body papers were completely renewed.
・Continue to strengthen the “Inside Lock” series in the hair styling market.
■ Full renewal of Gatsby Facial and Body paper171. Consolidated Business Results ＜Summary of Our Strategic Business (JAPAN)＞

Men’sBusiness

Sales by BusinessJapan・Sales of products related to body odor hair dyes increased.
・Address fostering middle-aged market, including enhancing growthof existing products related to body odor care.

■New WEB-CM for 『LUCIDO Scalp & Body Deodorant Jet Spray』

18

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

Wo m e n ’s B u s i n e s s

Sales by BusinessJapan・Enhanced items to acquire No. 1 position in wipe-off typecleansing category.
・Exclusive items for Singapore and Thailand, will started tolaunch parallel in Japan.
■Bifesta Micellar Water Dual Phase Pore Clear19

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

Wo m e n ’s B u s i n e s s・Sales increased for both hair oil and styling products.
Overall sales of this brand increased double-digits.

Sales by BusinessJapan・Sales increased by expansion of Argan Oil Treatment itemsin the leave-in treatment series and it resulted in a second positionin the market.
■LUCIDO-L Argan Rich Hair Treatment Oil Series20

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

O t h e r

T o p i c s【Inbound sales】
・The combined total of purchases made by inbound travelers orfor cross-border EC is over 2 billion yen per year on average
・In face mask trends in China, popular masks shifted frommade in Japan to those made in Korea. This situation had a big
impact on a major product, Barrier Repair.
・Concerning Tmall Global, a cross-border e-commerce site that
opened last year, Barrier Repair and other brands are expanding.
・The EC Marketing Div. was established in April to strengthen
support and cooperation for EC business overseas.

Sales by BusinessJapan■cross-border EC 「Tmall Global(天猫国際)」

21

1. Consolidated Business Results ＜Summary of Our Strategic Business (INDONESIA)＞
Sales by BusinessBusiness results by brand・Gatsby is in a slump in all categories including pomade.
・Pixy is performing well through rebranding effect.

Indonesia

Status of our major brands
Men’s Business

Women’s Business22

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

Men’s

Sales by BusinessBusinessIndonesia
・While growth in the hair styling product and pomade category

hit a peak, pomade continues to be a major product. Therefore, it will
be strengthened by adding items, etc.

・Water Gross and Wax will be renewed to increase product freshness
and to expand the market as a No. 1 position in market share.
■GATSBY Styling Pomade23

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

Wo m e n ’s B u s i n e s s

Sales by BusinessIndonesia
・PIXY improved brand image and the results fromre-branding to gain new users in younger generations,sales showed a big increase of double-digits or more.
・The main item, Two Way Cake, increased its sales andthe enhancement of products by the release of new products
contributed to promote the brand image.

■PIXY Make It Grow

■PIXY Two Way Cake24

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

Wo m e n ’s B u s i n e s s

Indonesia
・Re-branding was conducted in 2019 and sales
increased double-digits growth.
・TV advertising will be run for a new product, 「Eau deLuxe」, for its expansion and introduction.
■PUCELLE Eau de Luxe25

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

General Status of Business Results
・China, Malaysia and Taiwan are recording
double-digits growth on a local currency basis.

Sales by Business

Others・Bifesta increased steadily.

26

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

China
・Sales in China showed the highest growth by double-digits inoverseas countries.
・Expanded awareness and knowledge of grooming among
young people as well as brand recognition by holding
promotional events in university cities last year.

Others・Merchandising was started for Barrier Repair sheet mask,
which was popular in Japan inbound sales.
■Gatsby Events for students in Shanghai (October/2019)27

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

ACGI
・Sales of the major brand, SILKY GIRL, increased wellby double-digits along with the makeup cosmetics
market in Malaysia.

Others・Market share is No. 2, behind Maybelline.
・However, the recent makeup cosmetics market isslowing down due to the novel coronavirus.
■Flagship Brand SILKY GIRL

28

2. Review of MP-12（FYE 2018/March～FYE 2020/March）

29

2. Review of MP-12
Corporate Infrastructure Development for Realizing VISION2027

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 growth30

2. Review of MP-12

Management Basic Policy
1.Promotion of category strategies throughimplementation of activity
2. Improvement of growth in overseas operations
focusing on Indonesia
3.Building a group operation system andimproving productivity per unit31

2. Review of MP-12

Review of Management Basic Policy
Management Basic Policy 1
Promotion of category strategies and thorough brand value improvement（１）Nurturing of a categorythat can become a firm mainstay○（２）Increase of brand values△
32

2. Review of MP-12

Review of Management Basic Policy
Management Basic Policy 2
Improvement of growth in overseas operations focusing on Indonesia.
（１）Indonesia: Expand
to Contribute (Oyakudachi)
for middle-income classes（２）Other Asian countries:
Advance marketing measures uniqueto each country by understanding
consumer wants and achieving
profitability

×△33

2. Review of MP-12

Review of Management Basic Policy
Management Basic Policy 3
Building a group operation system and improving productivity per unit.
（１）Increases in the decision making
accuracy and speed by securinga group personnel affair system,
accounting system, and information
system, and building a structure forincreasing productivity per unit○

（２）Construction of a structure that allows
prompt strategy formulation andimplementation at the operatingcompany○34

2. Review of MP-12【Growth Potential】

Consolidated Net Sales in the final year of MP-12: 90 billion yen【4 years transition（From the fiscal year ending March 2017 to ending March 2020）
Impact of foreign​exchange fluctuations​
Impact of changes
in accounting standards​（Mln Yen）

Substantial gap​
With initial plan

forecast（The final yearof MP-12)

Result35

2. Review of MP-12【Growth Potential①】

Men’s business CAGR 3% or more

【4 years transition（From the fiscal year ending March 2017 to ending March 2020）

CAGR
-0.6％

* The growth curve in this graph is a desired hypothetical outcome.
The results for the fiscal year ending March 2019 and ending March
2020 are those calculated based on the same criteria as the fiscal year
ending March 2017

<Factor>・Not even Japan but also Indonesia and other subsidiaries
slow down in Gatsby sales
Note: Beginning from the fiscal year ending March 31, 2019, some items that had been processed as expenses
have been deducted from net sales at overseas consolidated subsidiaries included in financial statements
prepared in accordance with IFRS. For the purpose of confirming the progress of MP-12, the results forthe fiscal year ending March 2019 and ending March 2020 are those calculated based on the same criteria
as the fiscal year ending March 2017, in order to improve comparability.

36

2. Review of MP-12【Growth Potential②】

Women’s business CAGR 10％ or more
【4 years transition（From the fiscal year ending March 2017 to ending March 2020）

CAGR+11.1％The results for the fiscal year ending March 2019 and ending March
2020 are those calculated based on the same criteria as the fiscal year
ending March 2017

<Factor>・Increases in sales by acquisition of ACGI.
・Steadily rising sales of Bifesta in other overseas countries.
・Recovery trend of PIXY in Indonesia.

Note: Beginning from the fiscal year ending March 31, 2019, some items that had been processed as expenses
have been deducted from net sales at overseas consolidated subsidiaries included in financial statements
prepared in accordance with IFRS. For the purpose of confirming the progress of MP-12, the results forthe fiscal year ending March 2019 and ending March 2020 are those calculated based on the same criteria
as the fiscal year ending March 2017, in order to improve comparability.

37

2. Review of MP-12【Growth Potential②】

Overseas business CAGR 10％ or more
【4 years transition（From the fiscal year ending March 2017 to ending March 2020）

CAGR
+6.8％

* The growth curve in this graph is a desired hypothetical outcome.
The results for the fiscal year ending March 2019 and ending March
2020 are those calculated based on the same criteria as the fiscal year
ending March 2017

<Factor>・Despite growing sales in other overseas countries and increases in sales byacquisition of ACGI, sluggish growth in Indonesia had a big impact.
Note: Beginning from the fiscal year ending March 31, 2019, some items that had been processed as expenses
have been deducted from net sales at overseas consolidated subsidiaries included in financial statements
prepared in accordance with IFRS. For the purpose of confirming the progress of MP-12, the results forthe fiscal year ending March 2019 and ending March 2020 are those calculated based on the same criteria
as the fiscal year ending March 2017, in order to improve comparability.

38

2. Review of MP-12【Profitability】
Consolidated Operating Profit Margin

10％【4 years transition（From the fiscal year ending March 2017 to ending March 2020）
12.0%
11.0%
10.0%

9.8%

10.4%
8.7%

9.0%
8.0%

7.1%

7.0%

(7.3％)The results for the fiscal year ending March 2019 and ending March
2020 are those calculated based on the same criteria as the fiscal year
ending March 2017

6.0%
5.0%

FYE 2017/MAR

FYE 2018/MAR

FYE 2019/MAR

FYE 2020/MAR

Operating profit margin<Factor>・Although sales did not achieve, investment in infrastructuredevelopment was conducted as planed initially.
Note: Beginning from the fiscal year ending March 31, 2019, some items that had been processed as expenses
have been deducted from net sales at overseas consolidated subsidiaries included in financial statements
prepared in accordance with IFRS. For the purpose of confirming the progress of MP-12, the results forthe fiscal year ending March 2019 and ending March 2020 are those calculated based on the same criteria
as the fiscal year ending March 2017, in order to improve comparability.

39

2. Review of MP-12【Shareholder Returns】 Consolidated Payout Ratio​

Consolidated basis, excluding extraordinary elements. 40% or higher【9 years transition（From the fiscal year ending March 2012 to ending March 2020）(Yen)
170.0%

70

150.0%

60

130.0%
50

110.0%

40

90.0%
70.0%

55.2%

30
40.0%
20
42.5%

40.2%

45.3%

40.3%

63.5%

29.3%
30.0%

40.2%

10

0

50.0%

10.0%

FYE 2012/MARFYE 2013/MAR

FYE 2014/MAR

FYE 2015/MAR

interimdividend

FYE 2016/MAR

FYE 2017/MAR

year-end
dividend

FYE 2018/MAR

FYE 2019/MAR

FYE 2020/MAR-10.0%

Consolidated
Payout Ratio

・ Achieved a dividend payout ratio of 40% for the fourth consecutive year
・ Increased dividends for 8 consecutive years

402. Review of MP-12
MP-12 Infrastructure development results①
・Penetrated the corporate philosophy to all group employees

41

2. Review of MP-12
MP-12 Infrastructure development results②<infrastructure improvement>
・Development of common accounting
infrastructure for the group companies

・Implementing of common groupware

・Improve office environment to enhance creativity

42

2. Review of MP-12
MP-12 Infrastructure development results③<Change and build corporate structure>・Building a group marketing system for the borderless era.

・Build a global HR management system.

<Others>
・M&A of ACGI

43

3. Postpone of MP-13 andManagement Policy of this term

44

3. Postpone of MP-13 and Management Policy of this term
VISION2027 Initial Outlook

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 growth45

3. Postpone of MP-13 and Management Policy of this term
MP-13 Postpone for one year 2020→2021

VISION2027

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

S
蒔eedingくMP-12Infrastructuredevelopment

MP-13
Reformation and
変革・挑戦
challenges

MP-14
Accelerated growth46

3. Postpone of MP-13 and Management Policy of this term
FYE 2021/March Management Stance• Conduct risk management against the spread of
the novel coronavirus and take prompt action.
• Maintain financial stability in view of businessexpansion after conclusion of the coronavirus
pandemic and promote workstyle reform.
• Promote the creation of new values and theresolution of business and management issues by
positioning this year as “Pre-MP-13.”47

3. Postpone of MP-13 and Management Policy of this term

FYE 2021/MarchManagement Basic Policy
1. Review company-wide marketing functions
to improve brand values.
2. Enhance overseas infrastructureswith a focus on Indonesia.
3.

Improve productivity and corporate value
by reforming business processes.

48

3. Postpone of MP-13 and Management Policy of this term
FYE 2021/March Management Basic Policy 1『Review company-wide marketing functions
to improve brand values. 』
・Renovation of GB brands

・Utilization of digital marketing

ＤＸ ＡＩ
Digital Marketing49

3. Postpone of MP-13 and Management Policy of this term
FYE 2021/March Management Basic Policy 2『Enhance overseas infrastructureswith a focus on Indonesia. 』
・Reform of value chains in Indonesia

・Improvement of marketing ROI in overseas subsidiaries.

50

3. Postpone of MP-13 and Management Policy of this term
FYE 2021/March Management Basic Policy 3『Increase productivity and corporate value
by reforming business processes. 』
・Promote workstyle reform that leads to increases
in productivity and creativity.
・Remotework
・Side Job System
・In-house
Recruitment Project・Enhancing engagement in social issues (ESG/SDGs)
・ Established "ESG Promotion Div." in the business planning unit from April

51

4. FYE 2021/March Forecast52

3. FYE 2021/March Forecast
Impact of novel coronavirus disease in each country
Socialenvironment

Our situation

Impacton salesLockdown was lifted in Wuhan
on April 8.
Total numbers attending work
are being restricted in Beijing.

Shanghai Office/Guangzhou Office:Regular operation
Beijing Office: Half of the employees
come to work in turns due torestrictions on work attendance.
Plants: Full scale operation re-started
in April.

The sales decrease hit a peakin February (approximately
50% or less from theprevious year).
Sales began recovering
gradually in March.

Indonesia

Issued PSBB (Large-scale social
restrictions) to Indonesia as awhole on April 3.
* Activities, including
manufacturing andimport/export, etc., areexcluded from the restriction
target.

Plants: Regular operation (since they
are outside the restrictions)* Obtained approval to continue
production from the government.
Telework is required in principle(excluding product distribution
department).

Traditional markets and large
shopping malls are partiallyclosed and business hours
shortened if shops are open.
Therefore, the impact started
to be seen in orderplacements to distributor in
March.

Japan

Issued state of emergency inmajor cities on April 7.
* The state of emergency was
extended to the entire country
on April 16.

Plants: Regular operation.
Telework is required in principle(excluding product distribution
department).

Impact on sales started to be
seen in April.

OthersMalaysia: Lockdown started on
March 18.
Thailand: Order of restriction on
going out from March 20.
Singapore: Lockdown started on
April 7.
Philippines/Vietnam: Restriction
on going out.

Malaysia/Thailand/Singapore/Philippines/Vietnam: Telework is required inprinciple.
Hong Kong/Korea: Telework or
staggered commuting.
Taiwan: Regular operation

Impact on sales started toincrease in each country in
April.

China

53

3. FYE 2021/March Forecast
Impact of novel coronavirus disease in each country
China

54

3. FYE 2021/March Forecast
Impact of novel coronavirus disease in each country
Taiwan55

3. FYE 2021/March Forecast
Impact of novel coronavirus disease in each country
Malaysia

Philippines

56

3. FYE 2021/March Forecast
Impact of novel coronavirus disease in each country
Hong Kong57

3. FYE 2021/March Forecast

FYE 2021/March Forecast
Is to be determined, as it is difficult to reasonably
calculate the impactof the spread of novel coronavirus disease on businessactivities and business results.
The information will be disclosed once it is possible to
make rational calculations in future.

58◆ Appendix

59

Contents
1. Consolidated Business Results
2. Consolidated Net Sales
3. Consolidated Incomes
4. P/L of Mandom Corporation,
PT Mandom Indonesia Tbk

60

1. Consolidated Business Results(Unit:Mln Yen)
AnnualAchiev.

FYE 2020/MAR

FYE 2019/MAR

81,77478,9972,776

103.5%

104.5%

100.3%

Operating Income

5,970

7,135

▲ 1,16583.7%－

105.7%

Ordinary Income

6,706

8,161

▲ 1,45482.2%－

104.0%Net Income Attributable to
Owners of Parent

4,445

5,087

▲ 641

87.4%

－

107.1%

ROE

6.5%

7.3%

EPS

¥97.68¥108.76

Payout Ratio

63.5%

55.2%

Net Sales

Balance

Yr/Yr

Yr/Yr※

vs Revised Target※ Comparison with FYE 2019/March rate after adjustment.

61

2. Consolidated Net Sales
2-1. Net Sales by Region(Unit:Mln Yen)
AnnualBalanceYr/Yr

FYE 2020/MAR

FYE 2019/MAR

81,77478,9972,776

103.5%

Japan

46,17548,442▲ 2,266

95.3%

Indonesia

17,791

17,044746

104.4%

Others17,806

13,5104,296

131.8%Net Sales

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

2-3. Net Sales by Region Ratio (Year-on-Year)(Unit:Mln Yen)

Consolidated

2,776

Others

Asia
43.5％

17.1%

Japan ▲2,266
Indonesia

Asia
38.7％

746
4,296

21.6%

21.8%

61.3%

21.7%

FYE 2019/MAR
Japan

56.5%

FYE 2020/MAR
Indonesia

Others62

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

(Unit:Mln Yen)
AnnualBalanceYr/Yr

FYE 2020/MAR

FYE 2019/MAR

81,77478,9972,776

103.5%

47,38849,580▲ 2,192

95.6%

37,76339,738▲ 1,974

95.0%

25,974

22,4333,540

115.8%

8,411

6,983

1,428

120.4%Net Sales
Men's Business
GatsbyWomen's Business
Other Business※breakdown :Women’s Cosmetics 17,306 Mln Yen（Yr/Yr 120.0%）/Women's Cosmetry 8,667 Mln Yen（Yr/Yr 108.2%）

Women’s Business

Men’s Business
FYE 2020/MAR
Results
Total

Gatsby47,388-4.4%

37,763

LucidoJapan

FYE 2020/MAR
Results

Growth
Rate

Asia

Total

25,974FYE 2020/MAR
Results

GrowthRate

GrowthRate+15.8%

Bifesta

Lucido-L

PixyPucelle

Japan

Asia

63

3. Consolidated Income
3-1. Operating Income by Region(Unit:Mln Yen)
AnnualFYE 2020/MAR
ResultFYE 2019/MAR

per Sales

ResultBalanceper Sales

Yr/YrOperating Income

5,970

7.3%

7,135

9.0%

▲ 1,165

83.7%

Japan

3,014

6.5%

4,248

8.8%

▲ 1,233

71.0%

645

3.6%

681

4.0%

▲ 36

94.6%

2,310

13.0%

2,205

16.3%

104

104.8%

Indonesia
Others3-2. Operating Income
by Region Analysis (Year-on-Year)(Unit:Mln Yen)

Consolidated▲1,165

Japan▲1,233

Indonesia▲36

Others3-3. Operating Income by Region Ratio(Year-on-Year)

Asia
40.5％

Asia
49.5％

30.9%

9.6%

104

38.7%
50.5%

59.5%
10.8%

FYE 2019/MAR
Japan

Indonesia

FYE 2020/MAR
Others64

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

Cost of Goods

Consolidated

Japan

Selling Expenses

Indonesia

Others(Unit: Mln Yen)
Admin. Cost

4,191
3,942
783
▲ 1,032

2,378

2,502
737
▲ 861

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

Japan

47.0% 48.3%

40.2% 40.3%

20.0% 19.8%

368

347
31
▲ 10

1,194

Cost of Goods

Selling Expenses

Admin. Cost

Operating Income

Indonesia

65.1% 66.5%

22.4% 23.6%
12.6% 12.0%

24.0% 24.6%

28.6% 29.6%

9.0%

7.3%

8.8%

6.5%

18.3% 17.9%
4.0% 3.6%

FYE 2019/MAR

FYE 2020/MAR

FYE 2019/MAR

FYE 2020/MAR

FYE 2019/MAR

FYE 2020
/MAR

1,341
56
▲ 202

Others

48.6% 50.9%
20.7% 17.7%
14.3% 18.4%
16.3% 13.0%
FYE 2019/MAR

FYE 2020/MAR65

3. Consolidated Income
3-6. Analysis of Change in Consolidated Operating Income663. Consolidated Incomes
3-7. Ordinary Income and Net Income Attributable to Owners of Parent(Unit:Mln Yen)

AnnualFYE 2020/MAR
ResultFYE 2019/MAR

per Sales

Resultper Sales

Balance

Yr/Yr

736

0.9%

1,026

1.3%

▲ 289

71.7%

6,706

8.2%

8,161

10.3%

▲ 1,454

82.2%

92

0.1%

▲ 203

▲0.3%

296

▲45.6%

6,799

8.3%

7,958

10.1%

▲ 1,158

85.4%

Income Taxes and Minority Interests

1,854

2.3%

2,392

3.0%

▲ 538

77.5%

Net Income

4,945

6.0%

5,565

7.0%

▲ 620

88.9%

499

0.6%

478

0.6%

20

104.4%

4,445

5.4%

5,087

6.4%

▲ 641

87.4%

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

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

OthersGain on sales of non-current assets

853
Others

117

92

Dividend income

Non-operating
IncomeNon-Operating
Expenses

Extraordinary
Loss/Income

736(Unit:Mln Yen)

Share of profit of entities
accounted for using equity method
Interest expenses
Sales discounts

Compensation expenses Commission for purchase of treasury shares

Extraordinary
IncomeExtraordinary
LossesGain on sales ofinvestment securities

19

Loss on sales of
non-current assets
Loss on retirement of
non-current assets

67

4. P/L of Mandom Corporation, PT Mandom Indonesia Tbk■Results of FYE 2020/March (P/L of Mandom Corporation, PT Mandom Indonesia Tbk)
Depreciation,Capital Investment
Mandom Corporation
FYE
FYE
2020/MAR 2019/MAR

balance(Unit : Mln Yen)
Rivised
Yr/Yr
Plan■Consolidated
FYE
FYE
2020/MAR 2019/MAR(Unit : Mln Yen)balance

FYE 2021/MAR
OutlookNet sales

50,41452,709▲ 2,29495.6%

50,000Depreciation

4,369

3,583

785 undecided

Cost of Goods

22,95423,806

▲ 852

96.4%

－

Capital investment

10,4144,550

5,863 undecided－－

101.0%－

Cost Ratio

45.5%

45.2%

+0.4P

Selling, general andadministrative expenses

24,13423,901233

Operating Income

3,326

5,001

▲ 1,675

66.5%

2,900

765

885

▲ 119

86.5%

－

Depreciation

2,478

2,283

195

4,091

5,887

▲ 1,795

69.5%

3,700

Capital investment

8,683

3,001

5,681

81

▲ 389

470

-20.9%－※Capital investment includes intangible assets

3,117

4,080

▲ 962

76.4%

2,800

Non-operating Income/Los

Ordinary Income
Extraordinary Profit/loss

Net Income■Mandom Corp.Only(Unit : Mln Yen)
FYE
FYEbalance
2020/MAR 2019/MAR

PT Mandom Indonesia Tbk
Local Currency(Unit : Mln Rp.)

Yen Equivalent(Unit : Mln Yen)

FYE
FYE
2020/MAR 2019/MAR

FYE
FYE
2020/MAR 2019/MAR

balance

Yr/Yr

Net sales

2,804,151 2,648,754

155,397105.9%Net sales

21,591

20,660

Cost of Goods

1,873,937 1,747,787

126,149

107.2%

Cost of Goods

14,429

Cost Ratio

66.8%

balance

Yr/Yr

931

104.5%

13,632796

105.8%

66.0%

+0.8P

Cost Ratio

66.8%

66.0%

+0.8P

－

－

Operating Income

190,793

178,961

11,831106.6%

Operating Income

1,469

1,395

73

105.2%Net Income

145,149

173,049▲ 27,900

83.9%

Net Income

1,117

1,349

▲ 232

82.8%

Rp.1=￥0.0077 Rp.1=￥0.0078※Assumption rate FYE 2019/MAR
Rp.1=￥0.0077

68

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 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.

69