Consolidated Financial Statements for the Fiscal Year Ended March 31, 2022 (U.S. Accounting Standards)[Translation]

May 13, 2022
Listed Company: Wacoal Holdings Corp.
Stock Exchanges: Tokyo
Code Number: 3591 URL: http://www.wacoalholdings.jp/
Representative: (Position) Representative Director, President and Corporate Officer(Name) Hironobu Yasuhara
For Inquiries:(Position) Corporate Officer, General Manager of Corporate Planning (Name) Katsuya Hirooka Tel: +81 (075) 682-1010
Scheduled date of Ordinary Shareholders’ Meeting: June 29, 2022
Scheduled Commencement Date of Dividend Payment: June 6, 2022
Scheduled date of Annual Securities Report Filing: June 29, 2022
Supplementary materials regarding Annual Business Results: Yes
Explanatory meeting regarding Annual Business Results: Yes (for institutional investors and analysts)(Amounts less than 1 million yen have been rounded.)1.

Consolidated Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 – March 31, 2022)(1) Consolidated Business Results(% indicates changes from previous fiscal year)
Net Sales

Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021
(Note) Comprehensive income:Operating Income

Income Before Income
Taxes and Equity in Net
Income of AffiliatedCompanies

Net Income
Attributable to Wacoal
Holdings Corp.

Millions of Yen %Millions of Yen %Millions of Yen %172,860 13.6
5,013
7,246
(32.9)
152,204 (18.5)(1,115)
10,792
147.6
Fiscal Year ended March 31, 2022: 11,929 million yen ((8.5)%)
Fiscal Year ended March 31, 2021: 13,043 million yen (757.5%)

Millions of Yen %4,608 (34.4)
7,025 102.3

Ratio of Income
Before Income
Ratio of Net Income
Net Income
Diluted Net Income
Taxes and
Ratio of
Attributable toAttributable toAttributable toEquity in Net
OperatingWacoal Holdings
Wacoal Holdings
Wacoal Holdings
Income ofIncome to Net
Corp. toCorp. Per ShareCorp. Per Share
AffiliatedSales
Shareholders’ Equity
Companies toTotal Assets
Yen
Yen
%
%
%
Fiscal Year Ended March 31, 2022
74.04
73.73
2.1
2.3
2.9
Fiscal Year Ended March 31, 2021
112.57112.09
3.3
3.6
(0.7)
(Reference) Equity in net income of affiliated companies:
Fiscal Year ended March 31, 2022: 792 million yen
Fiscal Year ended March 31, 2021: 93 million yen(2) Consolidated Financial Condition

Total Assets

Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021

Total Equity(Net Assets)

Millions of Yen Millions of Yen
303,245
226,052
322,761
218,616

Total Shareholders’ Total Shareholders’EquityEquity Ratio
Millions of Yen
223,005
215,612

%
73.5
66.8

Shareholders’EquityPer ShareYen
3,628.56
3,454.18(3) Consolidated Cash Flow Status

Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021

Cash Flow provided
by Operating
Activities
Millions of Yen
13,0084,260

Cash Flow used in
Investing Activities
Millions of Yen(3,096)(2,562)-1-

Cash Flow (used in)Balance of Cash and Cashprovided by Financing Equivalents at End of Fiscal
Activities
Year
Millions of Yen
Millions of Yen(36,349)
37,98233,60563,557

2.

Status of Dividends
Annual Dividend

Fiscal Year Ended March 31, 2021
Fiscal Year Ended March 31, 2022
Fiscal Year Ending March 31,
2023 (Estimates)3.

End ofFirst
Quarter

End ofSecondQuarter

End ofThird
Quarter

Yen

Yen

Yen

Yen

Yen

-

20.00
20.00
40.00

-

20.00
30.00
40.00

40.00
50.00
80.00

Year-end Annual

Total
Amount ofDividends(annual)Millions of
Yen
2,496
3,093

Payout Ratio(consolidated)

Ratio of
Dividend to
Shareholders’Equity(consolidated)

%

%

35.5
67.5
89.4

1.2
1.4

Forecast of Consolidated Results for the Fiscal Year Ending March 31, 2023 (April 1, 2022 – March 31, 2023)(% indicates changes from the previous fiscal year with respect to “Annual” and from the six-month period ended September 30, 2021 withrespect to “Six-month Period Ending September 30, 2022”)
Income Before
Income Taxes andNet Income
Basic
Equity in Net
Attributable to
Net Sales
Business Income Operating Income
Earnings per
Income ofOwners ofShare
AffiliatedParentCompanies
Millions of Yen % Millions of Yen % Millions of Yen % Millions of Yen % Millions of Yen %YenSix-month PeriodEnding September 30,
104,000
4,500
4,500
5,300
3,600
58.58
2022
Annual
205,000
7,000
6,500
8,000
5,500
89.49
(Note) The Company plans to implement the International Financial Reporting Standards (“IFRS”) starting from the first quarter of the
fiscal year ending March 2023. Accordingly, the forecast of the consolidated business results for the fiscal year ending March 2023
has been prepared in accordance with IFRS. Upon the implementation of IFRS, “business income”, calculated by subtracting cost of
sales, and selling, general and administrative expenses from net sales, is presented as a new indicator for measuring profitability fromour core business. As the actual results for the previous fiscal year and the corresponding quarter of the previous fiscal year are still
under calculation, percentage changes from the previous fiscal year and the corresponding quarter of the previous fiscal year forcomparison are omitted.

-2-*Notes(1) Changes in significant subsidiaries during the fiscal year ended March 31, 2022 (change in scope of consolidation): None
New: None
Excluded: None
(Note) For details, please see “3. Consolidated Financial Statements and Accompanying Notes (7) Basic Significant Matters in
Preparation of Consolidated Financial Statements” on page 18.
(2) Changes in Accounting Principles:(i) Changes due to modifications in accounting standards, etc.: None(ii) Changes other than (i) above: None
(3) Number of Issued Shares (Common Stock)

(i)
(ii)
(iii)

Number of issued shares (including treasury stock) as of period-end:
Number of shares held as treasury stock as of period-end:
Average number of shares during the period:

Fiscal Year Ended
March 31, 2022
65,589,042 shares
4,130,773 shares
62,234,734 sharesFiscal Year Ended
March 31, 2021
65,589,042 shares
3,168,353 shares
62,406,826 shares(Reference) Summary of Non-consolidated Results1.

Non-consolidated Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 – March 31, 2022)(1) Non-consolidated Business Results

Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021

Net Sales
Millions of Yen %6,196(62.3)
16,42923.1

Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021

Net Income
Per ShareYen
44.18
184.98Operating Income
Millions of Yen %2,299(82.0)
12,74936.0(% indicates changes from previous fiscal year)
Ordinary Income
Net Income
Millions of Yen %Millions of Yen %1,682(86.0)
2,749(76.2)
12,04832.2
11,544
31.7

Diluted Net Income
Per ShareYen
43.99
184.16(2) Non-consolidated Financial Condition(% indicates changes from previous fiscal year)
Total Assets
Net Assets
Capital-to-asset Ratio
Net Asset per Share
Millions of Yen
Millions of Yen%
Yen
Fiscal Year Ended March 31, 2022
165,180
138,33283.4
2,241.50
Fiscal Year Ended March 31, 2021
191,737
140,10672.8
2,235.07(Reference) Equity Capital: As of the end of the fiscal year ended March 31, 2022: 137,758 million yen
As of the end of the fiscal year ended March 31, 2021: 139,514 million yen*These financial statements are not subject to audit procedures by the certified public accountants or the independent auditor.
* The forecast of business results is based on reasonable information we obtained as of the date hereof and, due to various risks, uncertainties
and other factors arising in the future, actual results in the future may differ largely from the estimates set out in this document. For details,
please see “1. Business Results - (1) Business Results for Fiscal Year 2022 - (ii) Business Forecast for Next Fiscal Year” on page 8.

-3-

Table of Contents for Attached Materials
1.

Business Results -------------------------------------------------------------------------------------------------------------------------------------- 5(1)

Business Results for Fiscal Year 2022 ------------------------------------------------------------------------------------------------------------ 5(2)

Financial Condition as of Fiscal Year 2022 ------------------------------------------------------------------------------------------------------ 10(3)

Basic Policy Regarding Distribution of Profits and Dividends for Fiscal Year 2022 and Fiscal Year 2023 ----------------------------- 11

2.

Basic Policies regarding Selection of Accounting Standards----------------------------------------------------------------------------------- 11

3.

Consolidated Financial Statements and Accompanying Notes-------------------------------------------------------------------------------- 12(1)

Consolidated Balance Sheets ---------------------------------------------------------------------------------------------------------------------- 12(2)

Consolidated Statements of Income--------------------------------------------------------------------------------------------------------------- 14(3)

Consolidated Statements of Comprehensive Income ------------------------------------------------------------------------------------------- 15(4)

Consolidated Statements of Equity ---------------------------------------------------------------------------------------------------------------- 16(5)

Consolidated Statements of Cash Flows ---------------------------------------------------------------------------------------------------------- 17(6)

Notes on Going Concern --------------------------------------------------------------------------------------------------------------------------- 18(7)

Basic Significant Matters in Preparation of Consolidated Financial Statements ------------------------------------------------------------ 18(8)

Notes to the Consolidated Financial Statements ------------------------------------------------------------------------------------------------ 19-4-

Qualitative Information and Financial Statements
1.

Business Results(1) Business Results for Fiscal Year 2022
(i) Results for the Fiscal Year Ended March 31, 2022

Net sales
Cost of sales
Sales profit
Selling, general and administrative expenses
A: Impairment charges on goodwill and otherintangible assets
Operating (loss) income
Other income *Other than B
B: Valuation gain (loss) on marketable securities andinvestments – net
Income before income taxes and equity in net incomeof affiliated companies
Net income attributable to Wacoal Holdings Corp.
Reference figure (i): Operating income not taking into
account A
Reference figure (ii): Income before income taxes andequity in net income of affiliated companies not taking
into account A and B

Previous Fiscal Year(ended March 2021)
Amount152,204
67,79884,406
82,836
2,685

Current Fiscal Year(ended March 2022)
Amount172,860
76,607
96,25391,240-(Millions of Yen)
Increased/(Decreased) fromprevious fiscal year
Amount%+20,656+13.6+8,809+13.0+11,847+14.0+8,404+10.1(2,685)-(1,115)
1,517
10,390

5,013
2,874
(641)

+6,128+1,357(11,031)+89.5-

10,792

7,246(3,546)(32.9)

7,025

4,608

(2,417)(34.4)

1,570

5,013

+3,443+219.3

3,087

7,887

+4,800+155.5

While the business environment surrounding our group during the current fiscal year (from April 1, 2021 to March 31, 2022) in the UnitedStates and Europe improved due to relaxations of restrictions on economic activities related to the coronavirus pandemic (“COVID-19”) which
supported a recovery in sales, the business environment in Japan has remained difficult due to the prolonged restrictions on economic activities
as a result of a number of declarations of the state of emergency and implementation of focused preventative measures.

Under such circumstances, our group has moved forward with our initiatives to create a management structure that leads to highprofitability, while prioritizing the well-being and safety of our customers, employees and partner companies to conduct our business. We also
worked to build a deeper, broader and longer-term relationship with each customer by continuing to develop and provide products and services
that consumers expect in their new lifestyles, which have significantly changed as a result of the spread of COVID-19, and by promoting ourunique CX strategies, which involve merger of online and offline activities and utilization of a customer database, in efforts to improvecustomer experience values.

For the current fiscal year, which is the last year of our mid-term business plan, consolidated sales were 172.86 billion yen (an increase of
13.6% as compared to such sales for the previous fiscal year) and consolidated operating income was 5.01 billion yen (as compared to an
operating loss of 1.12 billion yen for the previous fiscal year). Consolidated income before income taxes and equity in net income of affiliatedcompanies were 7.25 billion yen (a decrease of 32.9% as compared to such income for the previous fiscal year) due to a valuation loss onmarketable securities and investments of 0.64 billion yen (as compared to a valuation gain of 10.39 billion yen for the previous fiscal year). (Wehave been using U.S. accounting standards, under which equity securities held by Wacoal Holdings Corp. and consolidated subsidiaries aremeasured at fair value, and any change from the beginning of the period are recognized as “valuation gain (loss) on marketable securities andinvestments – net” under “Other income (expenses)”.)As a result of the above, net income attributable to Wacoal Holdings Corp. was 4.61 billion yen (a decrease of 34.4% as compared toprevious fiscal year). The exchange rates used for the current fiscal year (the previous fiscal year) were: 112.38 yen (106.06 yen) to the U.S.
dollar; 153.56 yen (138.68 yen) to the Sterling pound; and 17.03 yen (15.48 yen) to the Chinese yuan.

-5-Business Overview of Our Operating Segments(Millions of Yen)
Previous Fiscal Year(ended March 31, 2021)
AmountTotal Net Sales
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

Operating Income/(Loss)
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

152,204
86,13341,355
12,20012,516

Current Fiscal Year(ended March 31, 2022)

Distribution
Ratio (%)
100.0
56.6
27.2
8.0
8.2

Amount172,860
88,12859,67812,52812,526

Distribution
Ratio (%)
100.0
51.0
34.5
7.3
7.2

Increased/(Decreased)from previous fiscal year
Amount%+20,656+1,995+18,323
+328
+10

+13.6
+2.3
+44.3
+2.7
+0.1
(Millions of Yen)

Previous Fiscal Year(ended March 31, 2021)

Current Fiscal Year(ended March 31, 2022)

Increased/(Decreased)from previous fiscal year

Amount% to Sales

Amount% to Sales

Amount

%

0.7
13.0
-

5,013
2,319
2,351
1,651
(1,308)

2.9
2.6
3.9
13.2
-

+6,128+1,692+4,954+60(578)+269.9+3.8-(1,115)627(2,603)
1,591
(730)

(Reference) Net Sales and Operating Income/ (Loss) of Major Subsidiaries(Millions of Yen)

Net Sales

Previous Fiscal Year(ended March 31, 2021)

79,877
17,649Distribution
Ratio (%)
52.5
11.6

9,896
8,755
12,200
4,614
5,312

6.5
5.8
8.0
3.0
3.5

AmountWacoal Corp.
Wacoal International Corp.
(U.S)
Wacoal Europe Ltd.
Wacoal China Co., Ltd.
Peach John Co., Ltd.
Lecien Corporation
Nanasai Co., Ltd.
*Sales to external customers only

Current Fiscal Year(ended March 31, 2022)

81,18425,282Distribution
Ratio (%)
47.0
14.6

16,305
12,157
12,528
3,484
6,042

9.4
7.0
7.3
2.0
3.5

AmountIncreased/(Decreased)from previous fiscal year
Amount%+1,307+7,633+1.6+43.2+6,409+3,402+328(1,130)
+730

+64.8
+38.9
+2.7
(24.5)+13.7(Millions of Yen)

Operating Income/(Loss)

Previous Fiscal Year(ended March 31, 2021)

Current Fiscal Year(ended March 31, 2022)

Increased/(Decreased)from previous fiscal year

AmountAmountAmount% to Sales% to Sales%

Wacoal Corp.
(2,022)(729)+1,293
Wacoal International Corp.
(914)
433
1.7
+1,347(U.S.)
Wacoal Europe Ltd.
666
6.7
1,804
11.1
+1,138+170.9Wacoal China Co., Ltd.
625
7.1
260
2.1
(365)
(58.4)
Peach John Co., Ltd.
1,591
13.0
1,651
13.2
+60
+3.8
Lecien Corporation
221
4.8
(642)
(863)
Nanasai Co., Ltd.
(358)
(249)
+109
*Net sales and operating income/(loss) for the major subsidiaries above are based on the accounting standards of the respective countries.

-6-

a.

Wacoal Business (Domestic)

Net sales attributable to our “Wacoal Business (Domestic)” segment were 88.13 billion yen (an increase of 2.3% as compared to such sales
for the previous fiscal year) and operating income was 2.32 billion yen (an increase of 269.9% as compared to such income for the previous
fiscal year). Although we were affected by the absence of the employment adjustment subsidy, which we received during the previous fiscal
year, we recorded an increase in operating income during the current fiscal year, attributable to our increased sales and a gain from sale of realestate.
Wacoal Corp.:
Net sales from Wacoal Corp., our core operating entity in Wacoal Business (Domestic) segment, increased by 1.6% as compared to suchsales for the previous fiscal year. Our e-commerce website “Wacoal Web Store”, which achieved significant growth during the previous fiscal
year, recorded its highest sales figure ever during the current fiscal year as a result of strong sales from our existing customers even though we
struggled to attract new customers. Sales from third-party e-commerce websites also exceeded such sales for the previous fiscal year. On theother hand, sales from physical stores, including our key sales channels such as department stores, general merchandise stores and directly
operated stores, remained suppressed as they were impacted by more customers staying home in response to another wave of the spread of
COVID-19 and rapid spread of its Omicron variant.
Although Wacoal Corp.’s operating income improved from the previous fiscal year as a result of our continued efforts to reduce fixed
costs such as sales promotion expenses and personnel costs as part of a revenue structural reform, we recorded an operating loss of 0.73 billion
yen (as compared to an operating loss of 2.02 billion yen for the previous fiscal year) due to the weak sales resulting from the long-term effects
of COVID-19. The employment adjustment subsidy and a gain from sale of real estate are not included or reflected in Wacoal Corp.’s
operating income because they are recognized as non-operating income and extraordinary income, respectively (which have been reclassified
as operating income under the consolidated business results based on the U.S. accounting standards).
b.

Wacoal Business (Overseas)

Net sales and operating income attributable to our “Wacoal Business (Overseas)” segment on a Japanese yen basis were 59.68 billion yen(an increase of 44.3% as compared to such sales for the previous fiscal year) and 2.35 billion yen (as compared to an operating loss of 2.60
billion yen for the previous fiscal year), respectively, achieving significant increases due to expanded sales in the United States and Europe.
Starting in the current fiscal year, we have changed the presentation of net sales from Wacoal China Co., Ltd. related to department stores to be
based on storefront prices, but we have not made retroactive revisions. In addition, there is no impact of this change in presentation on operating
income because this change resulted in increases in both net sales and selling, general and administrative expenses of the same amount (2.04
billion yen).
Wacoal International Corp. (U.S.):Net sales from Wacoal International Corp. (U.S.) on a local currency basis increased by 35.2% (an increase of 43.2% on a Japanese yenbasis) as compared to such sales for the previous fiscal year, achieving its highest sales figure ever during the current fiscal year.
Net sales from Wacoal America, Inc., which distributes “Wacoal” and “b.tempt’d” brand products, increased by 39.1% as compared tosuch sales for the previous fiscal year due to strong sales from our e-commerce website and physical stores maintained throughout the year
supported by a strong recovery in consumer spending despite the impact of more customers staying home in response to the spread of theOmicron variant and missed opportunities to sell our products due to delay of production in the second half of the current fiscal year. Net sales
from Intimates Online, Inc., which distributes “LIVELY” brand, increased by 14.9% as a result of expanded sales from wholesale anddirectly-operated stores even though sales from its e-commerce website struggled to grow as a result of reducing advertising investment due tothe impact of rising costs of social media advertising.
On a local currency basis, we recorded an operating income of 3.9 million dollars (0.43 billion yen on a Japanese yen basis) (as compared
to an operating loss of 8.6 million dollars (0.91 billion yen on a Japanese yen basis) for the previous fiscal year) from Wacoal International Corp.
(U.S.). Operating income from Wacoal America, Inc. grew significantly as a result of increased sales while operating loss from Intimates
Online, Inc. increased due to changes in distribution ratio of sales channels, as well as our strengthened efforts for inventory optimization.
Wacoal Europe Ltd.:Net sales from Wacoal Europe Ltd. on a local currency basis increased by 48.8% (an increase of 64.8% on a Japanese yen basis) as
compared to such sales for the previous fiscal year, achieving its highest sales ever as a result of sales in the United Kingdom, Europe and theUnited States which exceeded the pre-pandemic level across all areas, supported by a strong recovery in consumer spending.
With respect to sales by channel, our core specialty stores and third-party e-commerce websites maintained strong sales, and our own
e-commerce website in the United Kingdom achieved an increase in net sales of 35.5% as compared to the previous fiscal year. While sales
from our department stores fell short of reaching the pre-pandemic level due to the impact of the closings of certain department stores, net sales
significantly increased as compared to such net sales for the previous fiscal year by developing business with new client.

-7-

Operating income on a local currency basis increased significantly by 144.9% (an increase of 170.9% on a Japanese yen basis) as
compared to such income for the previous fiscal year due to the effect of increased sales.
Wacoal China Co., Ltd.:Net sales from Wacoal China Co., Ltd. on a local currency basis increased by 26.2% (an increase of 38.9% on a Japanese yen basis) as
compared to such sales for the previous fiscal year.
While sales from physical stores, such as department stores, remained suppressed during the second half of the year (from July to
December) due to the impact of regulations restricting activities in response to the spread of COVID-19, Wacoal China recorded an increase in
net sales for the current fiscal year as a result of an improvement in sales for the first half of the year (from January to June) as physical storesthat temporarily closed during the previous year began to reopen and the number of new openings of directly-operated stores at shopping malls
increased. On the other hand, e-commerce sales were below such sales for the previous fiscal year due to increased competition with Chinese
domestic brands, which limited the effects of our promotional efforts, including influencer marketing using popular Key Opinion Leaders.
Although net sales from Wacoal China Co., Ltd. increased, operating income on a local currency basis decreased by 62.0% (a decrease of
58.4% on a Japanese yen basis) as compared to such income for the previous fiscal year due to the absence of government assistance, whichwere available during the previous fiscal year, and an increase in costs incurred for resuming business activities.
c.

Peach John BusinessNet sales attributable to our “Peach John Business” segment were 12.53 billion yen (an increase of 2.7% as compared to such sales for theprevious fiscal year).
Net sales from our directly-operated stores increased by 13.4% as an increased number of customers returned to our physical stores as areaction to the temporary closings of our physical stores due to the spread of COVID-19 during the previous fiscal year and as a result of our
trendy marketing efforts including the launch of our products through collaboration with celebrities. On the other hand, despite the positive
impact of products released in collaboration with celebrities, e-commerce sales did not reach the level of sales achieved in the previous fiscal
year, when sales significantly expanded, and decreased by 11.0% as compared to such sales in the previous fiscal year.
We recorded an operating income from our Peach John Business segment of 1.65 billion yen (an increase of 3.8% as compared to suchincome for the previous fiscal year). Despite the absence of favorable factors for the previous fiscal year such as rent relief, we maintained ahigh level of profit due to increased sales.
d.

Other

Overall net sales attributable to our “Other” business segment were 12.53 billion yen (an increase of 0.1% as compared to such sales forthe previous fiscal year), while we recorded an operating loss of 1.31 billion yen (as compared to an operating loss of 0.73 billion yen for theprevious fiscal year).
Lecien Corporation:
Net sales from Lecien Corporation decreased by 24.5% as compared to such sales for the previous fiscal year due to delivery delays caused
by our factory in Vietnam which suspended its operation, and weak sales of our private products sold by general merchandise stores and major
apparel supply chain companies. We recorded an operating loss of 0.64 billion yen (as compared to an operating income of 0.22 billion yen forthe previous fiscal year) due to one-time expenses incurred for the liquidation of unprofitable subsidiaries, in addition to the impact of
decreased revenue, during the current fiscal year.
Nanasai Co., Ltd.:
Although net sales from Nanasai Co., Ltd. were weak for the first half of the current fiscal year due to cancellation of new shop openings
and various events following the spread of COVID-19, net sales increased by 13.7% as compared to such sales for the previous fiscal year due
to a recovery seen in the renovation orders after October.
Despite our efforts to reduce costs by reassessing our operations, we recorded an operating loss from Nanasai Co., Ltd. of 0.25 billion yen(as compared to an operating loss of 0.36 billion yen for the previous fiscal year) due to the significant impact of suppressed sales during thefirst half of the current fiscal year.
(ii) Business Forecast for Next Fiscal Year
Estimates for Consolidated Business Results
In order to provide more practical information to our stakeholders including our shareholders and investors and enhance their convenienceby improving the international comparability of financial information and promote full disclosure, our group will implement the International
Financial Reporting Standards (“IFRS”) from the fiscal year ending March 2023, the first year of our new mid-term business plan. We believe-8-that the U.S. Accounting Standards which we have adopted until now has already achieved its intended goals of increasing our brand awarenessin the U.S. markets and procuring funds through registration with the Securities and Exchange Commission. As a result of this implementation,
the forecast of the consolidated business results for the fiscal year ending March 2023 has been disclosed in accordance with the IFRS. The
percentage change from the actual consolidated results for the fiscal year ended March 2022 (after reclassification in accordance with the IFRS)
will be announced at the time of the announcement of the financial results for the first quarter of the fiscal year ending March 2023.
(Millions of Yen)
Fiscal Yearending March
2023(Estimates)

Category

Revenue
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

205,000
108,600
70,10012,75013,550Percentage
Change (%)-

First Half of
Fiscal Yearending March
2023(Estimates)
104,000
52,50038,0006,550
6,950

Percentage
Change (%)-

Second Half of
Fiscal Yearending March
2023(Estimates)
101,000
56,10032,1006,200
6,600

Percentage
Change (%)(Millions of Yen)

Fiscal Yearending March
2023(Estimates)

Category

Operating Income
Wacoal Business (Domestic)
Wacoal Business (Overseas)
Peach John Business
Other

6,500
2,600
2,400
1,500
0

Percentage
Change (%)-

First Half of
Fiscal Yearending March
2023(Estimates)
4,500
1,400
2,100
950
50

Percentage
Change (%)-

Second Half of
Fiscal Yearending March
2023(Estimates)
2,000
1,200
300
550
(50)

Percentage
Change (%)(Yen)

Income before income taxes andequity in net income ofaffiliated companies
Net income
Net income attributable toowners of parent

8,000

-

5,300

-

2,700

-

5,500

-

3,600

-

1,900

-

5,500

-

3,600

-

1,900

-

Fiscal Year ending March 2023
(Estimates)
97.42 yen

Category

Fiscal Year ended March 2022
Amount-Basic Earnings per ShareDividend per share:
Interim40.00 yen (scheduled)Year-end
40.00 yen (scheduled)(Note) The “Basic Earnings per Share” information takes into account the impact of repurchase of treasury stock.

-9-

20.00 yen
30.00 yen

Our group formulated a new corporate vision of the group looking ahead to the year 2030 called “VISION 2030”. Our medium tolong-term vision is “to evolve and grow as “Wacoal Group of the World” by providing both physical and emotional beauty and richness toindividuals through high sensitivity and premium quality” and we will enhance corporate value with sustainable growth through the following
initiatives:
1.
2.
3.
4.
5.

Maximize the value provided to customers
Achieve growth of each of our employees and establish a highly rewarding organization
Preserve the environment globally for future generations
Realize a society in which everyone plays an active role in their own way
Enhance governance toward realization of sustainable growth

In order to accomplish “VISION 2030”, we are currently formulating a new mid-term business plan (which starts in the fiscal year ending
March 2023 and ends in the fiscal year ending March 2025). We plan to announce in early June the new mid-term business plan and our
medium- to long-term strategy framework looking ahead to the year 2030, “VISION 2030”.
Economic activities during the fiscal year ending March 2023 are expected to remain uncertain due to concerns on stagnation of economic
activities in certain regions due to the further spread of COVID-19, global inflation, geopolitical risks, and further increases in raw material andtransportation costs associated with these risks. Under these circumstances, we will endeavor to address increasingly complex and diverse
social issues as an opportunity for future growth, and to enhance our corporate value by promoting “sustainable management”, a management
approach that balances resolving social issues on one hand and sustainable growth on the other hand through our business activities. In ourdomestic business, we will continue promoting our unique CX strategy including the merger between online and offline activities andutilization of our customer database to improve value of our customer experience, and strengthening our efforts to improve profitability, aiming
to transform ourselves into a resilient corporate structure. In our overseas business, we will seek further expansion by expanding our
e-commerce business and entering into the emerging markets, in addition to expanding solid sales growth in the existing areas where we
conduct our business. On the financial side, we will utilize our operating cash flow to make IT and digital investments for growth and to
implement shareholder returns, as well as to explore opportunities for new business investments. In addition, we will work to improve our
return on equity by improving our asset and capital efficiency, with profit improvement as our first priority.
Based on the above-described initiatives, we expect net sales of 205.0 billion yen, operating income of 6.5 billion yen, income before
income taxes and equity in net income of affiliated companies of 8.0 billion yen, and net income attributable to owners of parent of 5.5 billion
yen for the consolidated business results for the fiscal year ending March 2023. We formulated our plan for the fiscal year ending March 2023
using the key exchange rates of 120.00 yen to the U.S. dollar; 155.00 yen to the Sterling pound; and 19.00 yen to the Chinese yuan.
(2) Financial Condition as of Fiscal Year 2022
Status of Assets, Liabilities and Shareholders’ Equity
Our total assets as of March 31, 2022 were 303,245 million yen, a decrease of 19,516 million yen from the end of the previous fiscal
year, mainly due to a decrease in cash and cash equivalents for repayment of bank loans.
Our current liabilities were 77,193 million yen, a decrease of 26,952 million yen from the end of the previous fiscal year, mainly due
to a decrease in short-term bank loans for reasons similar to those discussed with respect to assets.
Shareholders’ equity was 223,005 million yen, an increase of 7,393 million yen from the end of the previous fiscal year, due torecognition of net income and changes in foreign currency translation adjustments.
As a result of the above, our total shareholders’ equity ratio as of March 31, 2022 was 73.5%, an increase of 6.7% from the end of theprevious fiscal year.
Cash Flows Status
Cash flow provided by operating activities:
Cash flow provided by operating activities was 13,008 million yen, an increase of 8,748 million yen as compared to the previous
fiscal year, after adjustments for changes in assets and liabilities to our net income of 4,541 million yen plus adjustments for depreciation
expenses and deferred taxes.
Cash flow used in investing activities:
Cash flow used in investing activities was 3,096 million yen, an increase of 534 million yen as compared to previous fiscal year, due
to payments made to acquire tangible and intangible assets.
Cash flow used in financing activities:- 10 -Cash flow used in financing activities was 36,349 million yen, as compared to cash flow provided by financing activities in theamount of 33,605 million yen for the previous fiscal year, due to repayment of short-term bank loans, payments made for dividends as well as
repurchase of treasury stock.
As a result, the balance of cash and cash equivalents at the end of fiscal year 2022, calculated by adding the exchange difference on
cash and cash equivalents to the above total, was 37,982 million yen, a decrease of 25,575 million yen as compared to the end of the previous
fiscal year.
Trends in certain cash-flow indicators

Shareholders’ equity ratio (%)
Shareholders’ equity ratio basedon market value (%)
Debt redemption years (years)
Interest coverage ratio (times)

Fiscal Year
Ended
March 31, 2020

Fiscal Year
Ended
March 31, 2021

Fiscal Year
Ended
March 31, 2022

74.0

66.8

73.5

52.7

47.5

37.3

0.3

9.9

0.9

666.3

59.2

209.8

Shareholders’ equity ratio = shareholders’ equity/total assets
Shareholders’ equity ratio based on the market value = aggregate market value of shareholders’ equity/total assets
Debt redemption years = interest-bearing debt/cash flow provided by operating activities
Interest coverage ratio = cash flow provided by operating activities/interest payment
Interest payment = “cash paid for interest” as described in the additional cash flow information following the consolidated statementsof cash flows(3) Basic Policy Regarding Distribution of Profits and Dividends for Fiscal Year 2022 and Fiscal Year 2023
Our basic policy on profit distributions to shareholders is to make stable distributions based on consideration of our consolidated businessresults, while seeking to increase net income per share by enhancing our corporate value through active investments aimed at improving
profitability.
With respect to retained earnings, we will actively invest in expanding our customer bases for our domestic business and our overseas
businesses, with the aim of improving our corporate value. We also plan to use our retained earnings for strategic investments for maintaining
competitiveness and reinforcing growth. With these efforts, we seek to benefit our shareholders by improving future profitability.
Based on the above, we plan to distribute 30.00 yen per share as a year-end dividend for the current fiscal year, the same amount as theestimated dividend announced during the latest quarter. The total annual cash dividend per share will be 50.00 yen, including the interim
dividend per share of 20.00 yen.
For the fiscal year ending March 31, 2023, we plan to declare, based on the above policy and profit growth, an annual cash dividend pershare of 80.00 yen (an increase of 30.00 yen as compared to the annual cash dividend for the current fiscal year), composed of an interim
dividend per share of 40.00 yen (an increase of 20.00 yen as compared to the interim dividend for the previous fiscal year) and a year-end
dividend per share of 40.00 yen (an increase of 10.00 yen as compared to the year-end dividend for the previous fiscal year).
2.

Basic Policies regarding Selection of Accounting Standards

The Company will implement the International Financial Reporting Standards starting from the first quarter of the fiscal year ending
March 31, 2023.

- 11 -

3.

Consolidated Financial Statements and Accompanying Notes(1) Consolidated Balance Sheets
Accounts

As of March 31, 2021

As of March 31, 2022

(Assets)

Millions of Yen

Millions of Yen

AmountIncreased/(Decreased)
Millions of Yen

Cash and cash equivalents

63,55737,982(25,575)

Time deposits

1,443

1,387

(56)

253

-

(253)

Notes and accounts receivable

17,571

19,414

1,843

Allowance for doubtful receivables
Inventories(346)
43,250(282)
45,26864
2,018

I. Current assets

Marketable securities

Return assets

600

655

55

7,794

4,004

(3,790)134,122

108,428(25,694)Land

20,56920,358(211)

Buildings and building improvements

72,97877,641

4,663

Machinery and equipment

19,356

20,8291,473

Construction in progress

1,264

1,289

25

114,167

120,1175,950(64,409)(67,156)(2,747)49,75852,961

3,203

Operating leases right-of-use assets

12,72912,356(373)

Investments in affiliated companies

21,207

22,835

1,628

Investments

51,60347,926(3,677)

Goodwill

21,16922,945

1,776

Other intangible assets

15,22015,408188

Prepaid pension expense

9,533

13,411

3,878

Deferred income taxes

1,649

1,554

(95)

Other

5,771

5,421

(350)

138,881

141,856

2,975

322,761

303,245(19,516)

Other current assets
Total current assets
II. Property, Plant and Equipment

Accumulated depreciation
Net property, plant and equipment
III. Other assets

Total other assets
Total Assets- 12 -

Accounts

As of March 31, 2021

As of March 31, 2022

(Liabilities)

Millions of Yen

Millions of Yen

AmountIncreased/(Decreased)
Millions of Yen

I. Current Liabilities
Short-term bank loans

40,672

10,227(30,445)

Trade notes payable

712

558

(154)

Trade accounts payable

8,734

10,067

1,333

Other payables

6,610

7,006

396

16,056

17,631

1,575

Accrued payroll and bonuses

6,822

6,319

(503)

Income taxes payable

1,025

1,408

383

Refund liabilities

2,266

1,991

(275)

Short-term operating lease liabilities

4,411

4,549

138

Current portion of long-term debt

35

-

(35)

4,784

5,178

394

76,07147,303(28,768)

1,498

1,626

128

Notes and accounts payable

Other current liabilities
Total current liabilities
II. Long-term liabilities
Long-term debt
Liabilities for termination and retirement
benefit
Deferred income taxes

1,942

3,345

1,403

12,292

14,095

1,803

Long-term operating lease liabilities

8,520

8,150

(370)

Contingent consideration (long-term)

1,639

820

(819)

Other long-term liabilities

2,183

1,854

(329)

Total long-term liabilities

28,07429,890

1,816

Total liabilities

104,145

77,193(26,952)

I. Common stock

13,26013,260-

II. Additional paid-in capital

29,12029,077(43)

III. Retained earnings
IV. Accumulated other comprehensive income(loss)
Foreign currency translation adjustments

181,346

183,456

2,110

1,770

7,714

5,944

Pension liability adjustments(1,008)

356

1,364

V. Treasury stock, at cost
Total Wacoal Holdings Corp.
shareholders’ equity
VI. Noncontrolling interests
Total equity(8,876)(10,858)(1,982)

215,612223,005

7,393

3,004
218,6163,047
226,052437,436

322,761

303,245(19,516)(Equity)

Total liabilities and equity- 13 -

(2) Consolidated Statements of Income(% indicates percentage of net sales)
Accounts

I.

Fiscal Year Ended
March 31, 2021

Fiscal Year Ended
March 31, 2022

AmountIncreased/(Decreased)

Millions of Yen%

Millions of Yen%

Millions of Yen

152,204

100.0

172,860

100.0

20,656

Cost of sales
Selling, general and administrative
expensesGain on sales or disposal of property,
plant and equipment – net
Impairment charges on goodwill andother intangible assets

67,79844.5

76,607

44.3

8,809

83,201

54.6

93,221

53.9

10,020

(365)

(0.2)

(1,981)(1.1)(1,616)

2,685

1.8

-

-

(2,685)

Total operating costs and expenses

153,319100.7

167,847

97.1

14,528(1,115)

(0.7)

5,013

2.9

6,128

Net Sales

II. Operating costs and expenses

Operating income (loss)
III. Other income (expenses)
Interest income

61

53

(8)

Interest expense

(78)

(62)

16

Dividend income
Valuation (loss) gain on marketablesecurities and investments – net
Other – net

1,126

1,312

186

10,390(641)(11,031)

Total other income (expenses)

11,907

7.8

2,233

1.3

(9,674)

10,792

7.1

7,246

4.2

(3,546)

Income before income taxes and equity in
net income of affiliated companies
Income taxes
Current

408

1,571

1,163

1,803

1.2

2,300

1.3

497

Deferred

2,278

1.5

1,197

0.7

(1,081)

Total income taxes

4,081

2.7

3,497

2.0

(584)

6,711

4.4

3,749

2.2

(2,962)

93

0.1

792

0.4

699

6,804

4.5

4,541

2.6

(2,263)

221

0.1

67

0.1

(154)

7,025

4.6

4,608

2.7

(2,417)

Income before equity in net income ofaffiliated companies
Equity in net income of affiliatedcompanies
Net income
Net loss attributable to non-controllinginterests
Net income attributable to Wacoal
Holdings Corp.

- 14 -

(3) Consolidated Statements of Comprehensive Income

Accounts

Fiscal Year Ended
March 31, 2021

Fiscal Year Ended
March 31, 2022

AmountIncreased/(Decreased)

Millions of Yen

Millions of Yen

Millions of Yen

I. Net income
II. Other comprehensive income– net of tax
Foreign currency translation adjustments

6,804

4,541

(2,263)

2,648

6,024

3,376

Pension liability adjustments

3,591

1,364

(2,227)

Total of other comprehensive income

6,239

7,388

1,149

Comprehensive income
Comprehensive (loss) income attributable tononcontrolling interests
Comprehensive income attributable to Wacoal
Holdings Corp.

13,043

11,929(1,114)

371

(13)

(384)

13,414

11,916(1,498)- 15 -

(4) Consolidated Statements of Equity
Fiscal Year Ended March 31, 2021
EquityShares of
Item

Outstanding

CommonCommon

Stock

Stock
Thousandshares

As of March 31, 2020
Cash dividends paid to
Wacoal Holdings Corp.
shareholders
Cash dividends paid tononcontrolling interests
Repurchase of treasury
stock
Cancellation of treasury
stock
Equity transactions with
noncontrolling interests
Other
Net income
Other comprehensive
income (loss)
As of March 31, 2021

62,403

Additional
Paid-in
CapitalRetained

Accumulated othercomprehensive

Earnings

incomeTreasury
stock

Total
Shareholders’EquityInterests

Total Equity

Millionsof YenMillions ofYenMillions ofYenMillions ofYenMillions ofYenMillions ofYenMillions ofYenMillionsof Yen13,26029,836

185,233(5,627)(17,331)205,371

4,077

209,448(2,496)(2,496)
-

(0)

(740)
24

18

62,421

Noncontrolling

13,26029,120(2,496)
(81)

(81)

(1)

(1)

(1)

(8,404)

8,404

-

-

52

(740)
64
7,025

(621)

(12)
7,025

(221)

(1,361)
64
6,804

6,389
215,612

(150)
3,004

6,239
218,616

6,389
762

181,346(8,876)

Fiscal Year Ended March 31, 2022
EquityShares of
Item

Outstanding

CommonCommon

Stock

Stock
Thousandshares

As of March 31, 2021
Cash dividends paid to
Wacoal Holdings Corp.
shareholders
Cash dividends paid tononcontrolling interests
Repurchase of treasury
stock
Cancellation of treasury
stock
Equity transactions with
noncontrolling interests
Other
Net income (loss)
Other comprehensive
incomeAs of March 31, 2022

62,421

Additional
Paid-in
CapitalRetained

Accumulated other

Earnings

comprehensive
incomeTreasury
stock

Total
Shareholders’EquityNoncontrolling
Interests

Total Equity

Millionsof YenMillions ofYenMillions ofYenMillions ofYenMillions ofYenMillions ofYenMillions ofYenMillionsof Yen13,26029,120181,346762(8,876)215,612

3,004

218,616(2,498)(2,498)-(1,001)(2,498)(82)(82)(2,089)(2,089)(2,089)
1

0

(0)

1

1

(43)

106

63
4,608

112

38

(67)

112
63
4,541

7,308
223,005

80
3,047

7,388
226,052

4,608

61,45813,26029,077

183,456- 16 -

7,308
8,070

(10,858)(5)Consolidated Statements of Cash Flows
Accounts

I. Operating activities
1. Net income
2. Adjustments to reconcile net income to net cash provided
by operating activities(1) Depreciation and amortization(2) Provision for doubtful receivables(3) Deferred income taxes(4) (Gain) on sales or disposal of property, plant and equipment – net(5) Impairment charges on property, plant and equipment(6) Impairment charges on goodwill and other intangible
assets(7) Valuation loss (gain) on marketable securities and investments –net(8) Equity in net (gain) loss of affiliated companies,
less dividends received(9) Changes in assets and liabilities
Decrease (increase) in notes and receivable
Decrease (increase) in inventories
Decrease (increase) in return assets
Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payable
Decrease in refund liabilities
Increase (decrease) in liabilities for termination andretirement benefits
Decrease in other liabilities(10) Other
Net cash provided by operating activities
II.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

Investing activities
Increase in time deposits
Decrease in time deposits
Proceeds from sale and redemption of equity securities
Payments to acquire equity securities
Proceeds from redemption of debt securities
Proceeds from sale of property, plant and equipment
Payments to acquire property, plant and equipment
Payments to acquire intangible assets
Payments for loans
Collection of loans
Other
Net cash used in investing activities
III. Financing activities
1. Net (decrease) increase in short-term bank loans withoriginal maturities of three months or less
2. Procurement of short-term loan (over 3 months)
3. Repayment of short-term loan (over 3 months)
4. Procurement of long-term debt
5. Repayment of long-term debt
6. Repurchase of treasury stock
7. Disposal of treasury stock
7. Dividends paid on common stock
8. Dividends paid to noncontrolling interests
9. Proceeds from stock issuance to noncontrolling interests
10. Payments to acquire interests in subsidiaries fromnoncontrolling interests
11. Contingent consideration payment
Net cash (used in) provided by financing activities
IV. Effect of exchange rate changes on cash and cash
equivalents
V. Net (decrease) increase in cash and cash equivalents
VI. Cash and cash equivalents, beginning of year
VII. Cash and cash equivalents, end of year

Fiscal Year Ended
March 31, 2021

Fiscal Year Ended
March 31, 2022

AmountIncreased/(Decreased)

Millions of Yen

Millions of Yen

Millions of Yen

6,804

4,541

(2,263)

6,128
(199)
2,278
(365)
1,136

6,185
(148)
1,197
(1,981)211

57
51(1,081)(1,616)
(925)

2,685

-

(2,685)(10,390)641

11,031

469

(404)

(873)

2,767
972
268
(2,632)
(859)
(379)

(1,276)
(182)
(55)
3,853
2,015
(275)

(4,043)(1,154)
(323)
6,485
2,874
104

226
(4,485)
(164)
4,260

(701)
(1,484)871
13,008

(927)
3,001
1,035
8,748

(941)
291
2,340
(7)
742
889
(2,764)(2,840)(315)
43(2,562)

(360)
461
3,185
(4)
225
2,760
(6,580)(3,165)321
61(3,096)

581
170
845
3
(517)
1,871
(3,816)
(325)
315
321
18
(534)

17,20820,424
(424)
1,447
(50)
(1)
(2,496)(81)-(10,460)(20,000)(35)(2,089)1(2,498)(82)
112(27,668)(20,424)(19,576)(1,447)15(2,088)
1
(2)
(1)
112

(1,361)(1,061)33,605(1,298)(36,349)

1,361
(237)
(69,954)349
35,652
27,90563,557862(25,575)
63,55737,982

513(61,227)
35,652(25,575)- 17 -

Additional Cash Flow Information

Accounts

Fiscal Year Ended
March 31, 2021

Fiscal Year Ended
March 31, 2022

AmountIncreased/(Decreased)

72
8,643

62
(2,331)(10)(10,974)

704

707

3

Cash paid forInterest
Income taxes
Noncash investing activities
Acquisition of fixed assets by assuming payment
obligation(6) Notes on Going Concern
Not applicable.

(7) Basic Significant Matters in Preparation of Consolidated Financial Statements(i)

Matters Regarding the Scope of Consolidation and Application of the Equity Method

Major consolidated subsidiaries:
Wacoal Corporation, Peach John Co., Ltd., Lecien Corporation, Kyushu Wacoal Manufacturing Corp., Torica Co., Ltd., Nanasai Co.,
Ltd., Wacoal International Corp., Wacoal America, Inc., Wacoal Europe Ltd., Wacoal EMEA Ltd., Wacoal Europe SAS, Wacoal
Hong Kong Co., Ltd., Wacoal Investment Co. (Taiwan), Ltd., Wacoal China Co., Ltd., Wacoal International Hong Kong Co., Ltd.
and A Tech Textile Co., Ltd.
(Note) Kyushu Wacoal Manufacturing Corp., our consolidated subsidiary, has changed its trade name to Wacoal Manufacturing
Japan Corp. as of April 1, 2022.
Major Affiliated Companies:
Shinyoung Wacoal Inc., Taiwan Wacoal Co., Ltd. and Thai Wacoal Public Co., Ltd.
(ii) Changes Regarding Subsidiaries and Affiliated Companies
New: Wacoal Netherlands B.V.
Excluded: Kabushiki Kaisha Wacoal Minette, Lecien Nagasaki Co., Ltd., and Nanasai Shanghai Co., Ltd.
(iii) Standard of Preparation of Consolidated Financial Statements
The consolidated financial statements have been prepared based on terms, format and preparation methods in compliance withaccounting standards generally accepted in the United States as required in connection with the issuance of American Depositary
Receipts. For this reason, the consolidated financial statements may be different from those that have been prepared based on theConsolidated Financial Statement Regulations and the Standard of Preparation of Consolidated Financial Statements in Japan.
(iv) Significant Accounting Policiesa.

Valuation Standard of Inventories
The average cost method was mainly used for goods, products and supplies, and the first-in first-out method was used for
raw materials, with both valued at the lower of cost or market.

b.

Valuation Standard of Property, Plant and Equipment and Method of Depreciation
Property, plant and equipment are valued at the acquisition cost. Depreciation expenses are calculated mainly using thestraight-line method based on the estimated useful lives of the assets (the lease term is used for capitalized leased assets).

c.

Valuation Standard of Securities and Investments
Based on the provisions of the U.S. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification(“ASC”) 320, “Investments – Debt Securities”, and ASC 321 of FASB, “Investments – Equity Securities”, marketablesecurities and investments have been classified as “debt securities” and “equity securities”, and debt securities have beenfurther classified as “available-for-sale securities” and “held-to-maturity securities”. “Available-for-sale securities” arerecorded at fair value, and “held-to-maturity securities” are recorded at amortized cost. Gain or loss on sale of marketablesecurities and investments is calculated based on cost using the moving-average method. Equity securities are measured atfair value and unrealized holding gain or loss is recorded as net profit or loss.

d.

Liabilities for Termination and Retirement Benefits
This is accounted for based on FASB ASC 715.

- 18 -

e.

Consolidated Statements of Cash Flows
In preparing the consolidated cash flow statements, highly liquid investments with original maturities of three (3) months
or less have been included in cash and cash equivalents.

(8) Notes to the Consolidated Financial Statements(i)

Per Share Information

Net income attributable to Wacoal Holdings Corp.
Number of average shares issued during the year
Net income attributable to Wacoal Holdings Corp. per share
Diluted net income attributable to Wacoal Holdings Corp. per
share

Fiscal Year Ended
March 31, 2021
7,025 million yen
62,406,826 shares
112.57 yen

Fiscal Year Ended
March 31, 2022
4,608 million yen
62,234,734 shares
74.04 yen

112.09 yen

73.73 yen(ii) Segment Informationa.

Operating Segment Information

Fiscal Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)(Millions of Yen)
Wacoalbusiness(Domestic)

Wacoalbusiness(Overseas)

Peach Johnbusiness

Other

Total

Elimination

Consolidated

Net sales(1) External customers

86,13341,355

12,20012,516

152,204-

152,204(2) Intersegment

754

8,769

219

3,827

13,569(13,569)-

Total

86,88750,124

12,41916,343

165,773(13,569)

152,204

Operating costs and expenses
Impairment charges on goodwill
and other intangible assets
Total operating costs andexpenses

86,26050,054

10,816

17,073

164,203(13,569)

150,634

-

2,673

12

-

2,685

-

2,685

86,26052,727

10,82817,073

166,888(13,569)

153,319

Operating income (loss)

627(2,603)

1,591

(730)

(1,115)-(1,115)

Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)(Millions of Yen)
Wacoalbusiness(Domestic)

Wacoalbusiness(Overseas)

Peach Johnbusiness

Other

Total

Elimination

Consolidated

Net sales(1) External customers

88,12859,67812,52812,526

172,860-

172,860(2) Intersegment

844

8,206

363

3,685

13,098(13,098)-

Total

88,972

67,884

12,891

16,211

185,958(13,098)

172,860

Operating costs and expenses

86,65365,533

11,24017,519180,945(13,098)

167,847

Operating income (loss)

2,319

2,351

1,651

(1,308)

5,013

-

5,013

(Note) Core products of respective businesses:
Wacoal business (Domestic): innerwear (foundation, lingerie, nightwear and children’s innerwear), outerwear, sportswear,
hosiery, etc.
Wacoal business (Overseas): innerwear (foundation, lingerie, nightwear and children’s innerwear), outerwear, sportswear,
and other textile-related products, etc.
Peach John business:
innerwear (foundation, lingerie and nightwear), outerwear, and other textile-related products,
etc.
Other:
innerwear (foundation, lingerie, nightwear and children’s innerwear), outerwear, sportswear,
other textile-related products, mannequins, shop design and implementation, etc.

- 19 -

b.

Information by Region

Fiscal Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)(Millions of Yen)I.

Elimination or
corporateJapan

Asia/Oceania

Europe/N.A.

Total

Consolidated

109,464

16,301

26,439152,204-

152,204

Net sales
External customers

II.

Operating income (loss)

1,803

108

(3,026)(1,115)-(1,115)

III.

Long-lived assets

41,918

3,536

4,304

49,758-49,758

Fiscal Year Ended March 31, 2022 (April 1, 2021 to March 31, 2022)(Millions of Yen)I.

Elimination or
corporateJapan

Asia/Oceania

Europe/N.A.

Total

111,610

21,06840,182

172,860-

Consolidated

Net sales
External customers

172,860

II.

Operating income (loss)

3,161

(277)

2,129

5,013

-

5,013

III.

Long-lived assets

42,646

4,787

5,528

52,961-

52,961(Note) 1.
2.

3.
4.

Countries or areas are classified according to geographical proximity.
Main countries and areas belonging to classifications other than Japan
Asia/Oceania: Asian countries and Australia
Europe/N.A.: North America and European countries
Sales in respect of consolidated companies are categorized by location.
Long-lived assets include property, plant and equipment.
c.

Overseas Sales

Fiscal Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)

I.

Overseas net sales

II.

Consolidated net sales

III.

Ratio of overseas net sales to total consolidated net sales(Millions of Yen)
Total

Asia/Oceania

Europe/N.A.

16,301

26,43942,740--152,204

10.7%

17.4%

28.1%

Asia/Oceania

Europe/N.A.

21,06840,182

61,250--172,860

12.2%

23.2%

35.4%

Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)(Millions of Yen)I.

Overseas net sales

II.

Consolidated net sales

III.

Ratio of overseas net sales to total consolidated net sales(Note) 1.
2.

Countries or areas are classified according to geographical proximity.
Main countries and areas belonging to classifications other than Japan
Asia/Oceania: Asian countries and Australia
Europe/N.A.: North America and European countries- 20 -Total

(iii) Status of Sales

Type of productFiscal Year Ended March 31, 2021
AmountMillions of Yen

Innerwear
Foundation and lingerieNightwear

122,776
6,522

Fiscal Year Ended March 31, 2022

Distribution ratio
%
80.7
4.3

AmountMillions of Yen
140,233
6,723

Distribution ratio
%
81.1
3.9

Children’s underwear

749

0.5

789

0.5

Subtotal
Outerwear/Sportswear
Hosiery
Other textile goods andrelated products
OthersTotal

130,047
8,836
918
5,354

85.5
5.8
0.6
3.5

147,745
10,789
974
5,342

85.5
6.2
0.6
3.1

7,049
152,204

4.6
100.0

8,010
172,860

4.6
100.0(iv) Significant Subsequent Events
Not applicable.
- End -

- 21 -